If money doesn't make you happy, then you probably aren't spending it right

@article{Dunn2011IfMD,
  title={If money doesn't make you happy, then you probably aren't spending it right},
  author={Elizabeth W. Dunn and Daniel T. Gilbert and Timothy D. Wilson},
  journal={Journal of Consumer Psychology},
  year={2011},
  volume={21},
  pages={115-125}
}

Figures from this paper

If Money Doesn't Make You Happy, Consider Time

Although a substantial amount of research has examined the link between money and happiness, far less has examined the link between time and happiness. This paper argues, however, that time plays a

Money May Buy Happiness, but Often So Little That It Doesn’t Matter

TLDR
Evidence that spending more money can buy happiness if it is spent “right” is overstated and the findings offer a “contrast to decades of research reporting surprisingly weak relationships between consumption and happiness.

Money Buys Happiness When Spending Fits Our Personality

TLDR
It appears that money can indeed buy happiness, when spending matches the buyer’s personality, and that people whose purchases better match their personality report higher levels of life satisfaction.

To give or to take money? The effects of choice on prosocial spending and happiness

Previous studies show that spending money on other people makes people happier than spending it on whatever they want. This study tested and extended this by examining the role of active versus

Getting the Most for the Money: The Hedonic Return on Experiential and Material Purchases

Consumers everywhere are faced with the same dilemma: given limited resources, what sorts of purchases are most likely to produce lasting happiness and satisfaction? Put simply, how do you get the

The hidden cost of value-seeking: People do not accurately forecast the economic benefits of experiential purchases

In spite of the experiential advantage, people consume material items in the pursuit of happiness. We conducted three studies to determine if people commit forecasting errors when deciding between

Time versus money.

...

References

SHOWING 1-10 OF 96 REFERENCES

Happiness for Sale: Do Experiential Purchases Make Consumers Happier Than Material Purchases?

Previous theories have suggested that consumers will be happier if they spend their money on experiences such as travel as opposed to material possessions such as automobiles. We test this experience

Spending Money on Others Promotes Happiness

TLDR
It is found that spending more of one's income on others predicted greater happiness both cross-sectionally (in a nationally representative survey study and longitudinally) and in a field study of windfall spending.

To do or to have? That is the question.

TLDR
Evidence that experiences make people happier is focused on because they are more open to positive reinterpretations, are a more meaningful part of one's identity, and contribute more to successful social relationships.

The pleasures of uncertainty: prolonging positive moods in ways people do not anticipate.

TLDR
The authors hypothesized that uncertainty following a positive event prolongs the pleasure it causes and that people are generally unaware of this effect of uncertainty, which is consistent with a pleasure paradox, whereby the cognitive processes used to make sense of positive events reduce the pleasure people obtain from them.

The relative relativity of material and experiential purchases.

TLDR
It is proposed that the evaluation of experiences tends to be less comparative than that of material possessions, such that potentially invidious comparisons have less impact on satisfaction with experiences than with material possessions.

Will Money Increase Subjective Well-Being?

Four replicable findings have emerged regarding the relation between income and subjective well-being (SWB): 1. There are large correlations between the wealth of nations and the mean reports of SWB

The Psychological Consequences of Money

TLDR
The results of nine experiments suggest that money brings about a self-sufficient orientation in which people prefer to be free of dependency and dependents.

What Can Economists Learn from Happiness Research?

Over the past few years, there has been a steadily increasing interest on the part of economists in happiness research. We argue that reported subjective well-being is a satisfactory empirical
...