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

Bruce Headey, Ruud Muffels and Mark Wooden

Schmollers Jahrbuch : Journal of Applied Social Science Studies / Zeitschrift für Wirtschafts- und Sozialwissenschaften, 2005, vol. 125, issue 1, 131-144

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.

JEL-codes: I31 (search for similar items in EconPapers)
Date: 2005
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