Happiness, & its Measurement
The rich are generally happier than the poor. Money can increase happiness by enhancing both the ability and access to meet needs, fulfil desires. It provides the tools to solve problems. Equally true is that higher income fails to increase happiness beyond a certain level.
A Crux study covering 18,000 adults across four socio-economic groups provides an insight into a strong correlation between happiness, and several correlates of happiness. It highlights that happiness is complex. The Rich tend to be happier, and yet prioritising money over time has actually the opposite effect; and undermines happiness. A modest form of generosity makes people happier than spending the same amount on themselves.
Happiness is unwieldly, difficult to measure, given the multidimensional phenomenon. Several factors affect individual well-being, with income, employment, marriage, education, as important determinants. Equally, good and cordial' relationships, health, social support, self-esteem, leisure, opportunities and access to favourite' activities, social participation is both a source and factor of happiness.
The study articulates that money in the bank has a larger bearing on happiness than income. Even a tenth of an annual income in the bank is a bliss. Those in debt expressed a disproportionate level of dissatisfaction, with over 80 per cent of the respondents who had 'availed' of personal loans feeling anxious, even unhappy.
Similarly, those who experienced' holidays, trips, reunions, or were gifted' were happier than those who used an equal amount to buy 'things' or gadgets. Over 90 per cent of the respondents in the top income decile (juggling and multi-tasking) expressed that they would 'trade' time and leisure for money.
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Denne historien er fra 17 June 2023-utgaven av Business World India.
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