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Money and Happiness: The Combined Effects of Wealth, Income and Consumption

Author

Listed:
  • Bruce Headey
  • Ruud Muffels
  • Mark Wooden

Abstract

The paper uses household economic panel data from five countries – Australia, Britain, Germany, Hungary and The Netherlands – to provide a reconsideration of the impact of economic well-being on happiness. The main conclusion is that happiness is considerably more affected by economic circumstances than previously believed. In all five countries wealth affects life satisfaction more than income. In the countries for which consumption data are available (Britain and Hungary), non-durable consumption expenditures also prove at least as important to happiness as income.

Suggested Citation

  • Bruce Headey & Ruud Muffels & Mark Wooden, 2005. "Money and Happiness: The Combined Effects of Wealth, Income and Consumption," Schmollers Jahrbuch : Journal of Applied Social Science Studies / Zeitschrift für Wirtschafts- und Sozialwissenschaften, Duncker & Humblot, Berlin, vol. 125(1), pages 131-144.
    • Handle: RePEc:aeq:aeqsjb:v125_y2005_i1_q1_p131-144
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    Citations

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    Cited by:

    1. Pudney, Stephen, 2008. "Heaping and leaping: survey response behaviour and the dynamics of self-reported consumption expenditure," ISER Working Paper Series 2008-09, Institute for Social and Economic Research.
    2. Umakrishnan Kollamparambil, 2021. "Non‐income effect of land ownership and tenure on subjective wellbeing in South Africa," South African Journal of Economics, Economic Society of South Africa, vol. 89(2), pages 301-323, June.
    3. Thomas Hansen & Britt Slagsvold & Torbjørn Moum, 2008. "Financial Satisfaction in Old Age: A Satisfaction Paradox or a Result of Accumulated Wealth?," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 89(2), pages 323-347, November.
    4. Janusz Stacewicz & Anna Horodecka, 2011. "Problem definiowania dobrobytu i wartości w ekonomii i jego znaczenie dla polityki gospodarcze," Prace i Materiały, Instytut Rozwoju Gospodarczego (SGH), vol. 85(1), pages 9-47, January.
    5. Bernhard Christoph, 2010. "The Relation Between Life Satisfaction and the Material Situation: A Re-Evaluation Using Alternative Measures," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 98(3), pages 475-499, September.

    More about this item

    JEL classification:

    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being

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