Can money buy happiness?: the influence of money on well-being

Abstract

There are many factors that affect an individual’s well-being, with money being one of them. Multiple sources address the correlations between income and happiness through subjects such as prosocial spending, materialism, the pursuit of intrinsic versus extrinsic values, and the effects of homelessness on physical and mental health. In many cases, money can have a negative effect on both happiness and health, especially through financial stress. In some cases, however, money may have a positive effect on happiness and health, through spending money on others, for example. This paper will investigate the varying influences of money on emotional and physical well-being.