The Good Life
Here’s more evidence of that old saying: money can’t buy happiness. Studies by the University of Warwick and the University of Manchester find that psychological therapy could be 32 times more cost effective at making you happy than simply obtaining more cash.
Researchers looked at 1000s of people who reported on their well-being. They then measured how it changed due to therapy compared to getting sudden increases in income through lottery wins or pay rises. First they found that a 4 month course of psychological therapy had a big effect on well-being. How big? Well, according to this work, it would take a pay rise of about $45,000 to achieve the equivalent benefits of $1500 worth of therapy. That’s how they arrived at the number pegging therapy as 32 times more cost effective.
The researchers conclude that the importance of money in bringing greater happiness is over-valued in our society, while people don’t realize how counseling can do just that.