It’s a subject that has been highly debated for decades: does money really make you happy?
Now, scientists claim to have settled the debate, and it’s good news if your bank account isn’t bursting at the seams.
In a new study, experts surveyed almost 3,000 people from Indigenous and local communities around the world – 36 per cent of who did not have any cash income.
The surveys revealed that despite having very little money, many of these people reported high levels of life satisfaction.
‘The strong correlation frequently observed between income and life satisfaction is not universal and proves that wealth – as generated by industrialized economies – is not fundamentally required for humans to lead happy lives,’ said Victoria Reyes-Garcia, senior author of the study.
It’s a subject that has been highly debated for decades: does money really make you happy? Now, scientists claim to have settled the debate – and it’s good news if your bank account isn’t bursting at the seams (stock image)
Until now, economic growth has been widely regarded as a sure way of increasing the wellbeing of people in low-income countries.
In fact, global surveys in recent years have supported this strategy, by showing that people in high-income countries tend to be more satisfied with their lives than those in low-income countries.
However, in their new study, the researchers set out to challenge whether this link is universal.
The team surveyed 2,966 people from Indigenous and local communities around the world about their income and life satisfaction.
The results revealed that on a scale of 0 to 10, the average life satisfaction score was 6.8.
However, some of the societies had average scores of higher than 8 – levels usually seen in wealthy Scandinavian countries.
‘Surprisingly, many populations with very low monetary incomes report very high average levels of life satisfaction, with scores similar to those in wealthy countries,’ said Eric Galbraith, lead author of the study.
According to the researchers, the findings suggest that some societies can support very satisfactory lives for their members without needing high degrees of material wealth.
However, the team is still unsure why this is the case.
They highlight that previous research suggests that family and social support and relationships, spirituality, and connections to nature are among the important factors on which happiness is based.
‘But it is possible that the important factors differ significantly between societies or, conversely, that a small subset of factors dominate everywhere,’ Mr Galbraith added.
‘I would hope that, by learning more about what makes life satisfying in these diverse communities, it might help many others to lead more satisfying lives while addressing the sustainability crisis.’
