Does Money Buy Happiness in Turkey?

Zeynep B. Ugur ()
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Zeynep B. Ugur: Social Sciences University of Ankara

Applied Research in Quality of Life, 2021, vol. 16, issue 3, No 8, 1073-1096

Abstract: Abstract In this study, we examine the relationship between income and happiness for individuals living in Turkey. Our results are based on approximately 300,000 individuals who took part in the Life Satisfaction Survey conducted annually between 2003 and 2017. We observed a modest positive and statistically significant relationship between household income and happiness. Relative standing in society measured by self-placement on a welfare ladder matters more than absolute income for happiness. In a similar vein, we find that increase in average income of the city in which a person lives reduces happiness substantially, to the extent that it offsets the happiness effect of an increase in absolute income. We complement regression results with people’s self-reports that around 50% of people care about what other people think of their material status. Interestingly, the effect of relative income on happiness is significantly different between men and women. Also, women report less interest in others’ material status or income level compared to men. Congruent with previous findings, we show that the effect of absolute income has dropped over the years with Turkey’s economic growth.

Keywords: Money; Absolute income; Relative income; Happiness; D63; I31 (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1007/s11482-019-09805-1

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