IN contrast to the heavily ingrained concept about finances, money does buy people happiness, according to a new research. At least, most of them. 

A study in the United States discovered a steady link between larger incomes and happier individuals.

A peer-reviewed study by Matthew Killingsworth, Daniel Kahneman, and Barbara Mellers suggests that for most people, well-being rises along with higher pay.

For the study titled Income and emotional well-being: A conflict resolved, the researchers conducted a joint reanalysis of the data and came up with two outcomes: There is an unhappy minority whose unhappiness diminishes with increasing income up to a certain point, then plateaus; and in the happier majority, happiness continues to rise with income even in the high range of incomes.

“In the simplest terms, this suggests that for most people larger incomes are associated with greater happiness,” Killingsworth was reported as saying.

However, he emphasized that more money wouldn’t be able to help those who are already rich but are miserable. 

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For those in the least happy group, their happiness will rise with an increase in income up to $100,000. But their happiness will no longer rise even if the income continues to go up.

For the rest, their happiness will increase with income in a linear way. 

“For everyone else, more money was associated with higher happiness to somewhat varying degrees,” said Killingsworth.

Money helps 

Another study shares related findings on money helping people navigate through life. 

A study conducted by Jon Jachiowicz and his colleagues showed that money may help individuals to reduce hassles and prevent intensely distressing events. 

In contrast, low-income individuals “may be left to live in a more jagged reality,” it said. 

It also said income provides people with a sense of control over their lives because it provides them with the resources to reduce or resolve distress.