Can Money Really Buy Happiness? A Global Study Tracks the Answer

Redacción HC
26/04/2025

What would you do with $10,000? While many people dream of a sudden windfall, new research shows that how we spend money can be just as important as how much we have. A global study published in Communications Psychology (Nature Portfolio) sheds new light on the connection between spending decisions and emotional well-being—and challenges assumptions about what truly brings happiness.

Led by researchers Säde Stenlund, Yingchi Guo, Jason Rights, Ryan Dwyer, and Elizabeth Dunn, the study explores how individuals from diverse countries experienced happiness after spending a $10,000 cash transfer over three months. The results offer compelling evidence that well-being increases when spending aligns with personal values, cultural norms, and specific needs.

A Real-World Happiness Experiment

Tracking Every Dollar—and Every Emotion

The study involved 200 adults from seven countries: Australia, Brazil, Canada, Indonesia, Kenya, the UK, and the United States. Each participant received $10,000 with one simple instruction: spend it over three months, and track each purchase alongside a self-reported happiness score (on a 1–5 scale).

Participants were randomly assigned to one of two conditions:

• Private: Spending reports were confidential.
• Public: Spending was shared with the research team and peers.

This setup allowed researchers to assess not only what people bought—but also whether social visibility influenced how good those purchases made them feel.

What Makes People Happier? It Depends on What They Buy

Experiences, Giving, and Self-Care Lead the Pack

Spending money on experiences, gifts for others, and charitable donations consistently ranked highest on the happiness scale—often close to 4 out of 5. Interestingly, self-care (such as spa treatments or health services) and educational investments (like courses or materials) also yielded high emotional rewards, especially in private spending contexts.

“Even though gifts and donations are often seen as selfless acts, they brought more joy when made privately,” the researchers noted.

This finding challenges the assumption that public generosity always enhances emotional payoff.

Financial Context Matters

The study also uncovered key economic variations:

• In high-income countries, participants felt happier when spending on time-saving services (e.g., cleaning, meal delivery) and gift-giving.
• In lower-income nations, the greatest emotional gains came from paying off debts and housing-related expenses.

Long-Term Happiness: The Emotional Return on Investment

From Short-Term Joy to Sustained Well-Being

Six months after the experiment began, participants who had spent money on happiness-enhancing categories reported significantly higher levels of subjective well-being (SWB). Those in the highest happiness quartile (based on their own purchase ratings) experienced a +0.78 point gain in SWB—more than double the improvement seen in those whose purchases ranked lowest on the happiness scale.

“The well-being gain was comparable to receiving $10,000 versus not receiving it at all,” the authors emphasized.

This suggests that how we spend money is as important as receiving it in the first place—a powerful insight for policymakers and individuals alike.

Cultural, Social, and Psychological Insights

Spending Styles Reflect Deeper Values

One of the study’s most valuable contributions is its cultural adaptability. It showed that people do not value money in the same way across societies. In wealthier countries, where basic needs are generally met, spending that buys free time or enhances social connections tends to bring more joy. In contrast, in lower-income settings, money directed toward stability and security brings greater emotional returns.

Additionally, public vs. private spending visibility revealed complex emotional dynamics. Publicly visible generosity did not always increase joy—sometimes, privacy heightened the emotional value of giving.

From Lab to Life: Why These Findings Matter

Implications for Policy, Mental Health, and Workplaces

The study’s insights extend far beyond academic theory:

• Public policy: Governments that offer cash transfers or basic income programs could enhance impact by offering guidance on high-impact spending (e.g., debt relief, education, or charitable giving).
• Mental health: Promoting financial choices that align with personal values may improve emotional well-being, particularly in post-pandemic recovery efforts.
• Corporate wellness: Employers can design benefit programs that fund self-care, education, or time-saving services to boost employee morale and engagement.

Conclusion: Buying Happiness Is Possible—If You Know How

This global experiment doesn’t just confirm that money can buy happiness—it reframes how it does so. The key isn’t the amount spent, but the intention and context behind it. Experiences, giving, and investments in personal growth consistently lead to emotional uplift. But the path to happiness is shaped by each individual’s values, needs, and environment.

As societies seek to rebuild trust, well-being, and financial stability, this research offers a hopeful takeaway: We all have the power to spend better—not just for ourselves, but for others.

Topics of interest

Health