Money is not just money. Whether it’s helping you just buy the f***king latte or take back your power with a F*ck-You Fund, money is peace of mind, options, control. Money is the ability to leave toxic situations — from jobs to apartments to relationships — and bounce back on your own terms.
In all these ways and more, money can buy happiness. We’ve said this. A lot. And now, science fully agrees. After contradictory findings, new research from Penn and Princeton shows there’s a strong correlation between more money and happiness. Way stronger than you might think.
The joint 2023 study suggests that for most people, larger incomes are associated with “ever-increasing levels” of happiness. (!) Money may not literally buy smiles, but it has the ability to seriously influence your overall well-being … something you already knew. Same for our Ellevest community.
Let their (anonymized) responses to our once controversial, now backed-by-science stance that money can buy happiness be the inspiration to take you to your happy place by getting after your money goals.
Money can’t buy happiness, says who?
“Money buys the happiness I have after being laid off a couple months ago, knowing that I have immediate access to a year of expenses (without touching longer-term investments). I have the luxury to make the next right career move instead of taking a job to have a job.”
“I went from being poor to making a solid middle-class income over the course of several years. Money literally solved 90% of my problems and made the other 10% much easier to handle.”
“I've always said this! Happiness to me, is security. Shelter in a safe place, food for my family, knowing that my gas or electricity will not be shut off. Money affects education. Health. Food. Shelter. Clothing. It provides the basics for modern life. Making sure my family has all of the basics IS HAPPINESS.”
Health and peace of mind, made possible by money.
“In the US, money buys access to health care.”
“Money affords you the privilege of better mental and physical well-being, IF you choose to spend it the right way. … The world is so different now. Buying homes, having kids, and education is 10x more expensive. It depends on your own moral compass too. Everything in moderation.”
“100% agree! Money is the vehicle for peace of mind and a sense of security. When you have that it makes being in marriage much less stressful because you and your partner can dedicate time to doing things that bring you joy individually and together while also creating the future that you want!”
“It's the mental freedom it allows you as well. You have the space to buy that latte without concern.”
More money, what problems?
“Money provides more comfort and flexibility.”
“Money can solve about 85% of my current problems!! From paying off debt to being able to see a therapist full time (without working), which will help me with my anxiety & other mental road blocks!! Being able to throw money at an issue is priceless!!”
“Time. Money buys options and time.”
“Money buys me freedom FROM stress over whether or not my basic needs will be met.”
Proof money does buy happiness.
“In 2020, my money got me my happy place — literally. A beach house in Florida.”
“Money buys the ability to be bold and live NOW; not wait until I retire to explore the world. Because seeing new places and experiencing new cultures is the source of my creativity.”
“It affords me the ability to travel and go out to eat which are things that make *me* happy.”
“One example is that it's [money] allowed me to go to concerts here in my hometown, as well as big festivals abroad. I've made so many meaningful friendships with people all around the world simply from buying tickets and showing up at places where everyone has something in common.”
Ready to invest in your own happiness? Ellevest offers *free* 15-minute calls with a financial planner (aka a CFP® professional) to chat about how money can buy happiness for you and which of our financial planning sessions might be the best fit. Schedule time with us today.