Synthesis Essay: Can Money Buy Happiness?

While financial status and certain age groups affect overall well-being, where is the middle-ground? Where can money play a role in someone’s overall happiness? Harvard Business School professor Michael Norton, a contributor to the article “Money really can buy happiness, Harvard prof. says” by Patrick Gillespie, believes that happiness indeed has a price tag. Within the article Gillespie revealed the studies of Michael Norton, who has researched the science of spending. Norton says, ”We're really underspending on the things that make us most happy,”(Gillespie) Norton’s theory ultimately suggests that it’s not what you buy but how you buy it. Spending money on experiences that last a lifetime rather than buying a new phone or TV that lasts

a couple of years can lead to a happier life. Geoff Williams a writer for US News published a similar article that agrees with the studies of the Harvard professor. The article “Can Money Buy Us Happiness?” says “paying for experiences can make us happier is that their value endures over time.

That seems ridiculous at first. After all, if you buy new stuff, like a lamp, you might have that stuff until you die. If you go on a weekend trip with the family, it's over come Sunday.”(Williams) Both Williams, Gillespie and Norton remain on the same page and all agree that money can indeed buy happiness depending on what you spend it on. Martha C. White writer for Time also expressed her reasoning behind the pursuit of happiness financially. White begins her article “5 Ways Money Can Buy Happiness, Backed by Science” by stating that “The old saying that money can’t buy happiness? Not true, it turns out. But you have to spend strategically if you expect the Benjamins to put a smile on your face.”(White) Just like the proposal by Harvard professor Michael Norton and Geoff Williams, White figures that the strategic use of money leads to over happiness. White also conveys her ideas on spending on items that are necessitated or items that one is satisfied with. “No keeping up with the Joneses — that’s not going to make you

happy. ‘There are a lot of reasons someone might buy something… but if the reason is to maximize happiness, the best thing for that person to do is purchase a life experience that is in line with their personality,’ Ryan Howell, an associate psychology professor San Francisco State University”(White, Howell) While spending rationally, White believes that money can indeed bring joy to the spender.
Endorphins such as dopamine, serotonin and oxytocin are the neurological source of our happiness, but what indeed triggers those neurotransmitters?

Tara Parker-Pope of The Wall Street Journal wrote in her article “This Is Your Brain at the Mall: Why Shopping Makes You Feel So Good” that “Much of the joy of holiday shopping can be traced to the brain chemical dopamine. Dopamine plays a crucial role in our mental and physical health.”(Parker-Pope) While these neurotransmitters are released inducing us to feel good or in a state of euphoria, Dane Kadlec said that these experiences are “short-lived”. It’s said that the higher you climb within the classes of social wealth the lower your self-esteem is. Alice G. Walton expressed that same idea by saying “CEOs may be depressed at more than double the rate of the general public”. Belonging to a certain age group has also shown to juxtapose financial well-being and overall well-being according to Chang-Ming Hsieh. Hsieh digs into “the relationship between money and happiness across three commonly recognized adult age groups: young (18–44 years), middle-age (45–64 years) and older (65 or more)” With countless variables affecting happiness amount these groups, what terms do these sides need to conclude in order for all parties to reach happiness? happify.com showed that 57% of Americans enjoyed investing money into experiences rather than buying “stuff”. The website went on to project their result of their survey resulting in the

American consumer felt happier with just spending over time. “Our satisfaction of experiential purchases increased over time, whereas out satisfaction of “stuff” we buy decreased over time.”(happify) These experiential purchases include events that bring family closer, creating memories that make for a great story, moments that are linked to future goals or unique and never done before. The solution to the aged question “Can Money Buy Happiness?” can be expressed so simply as, “buy what you like and only what you need”. Those of a wealthier status and those of a certain age group should stick to the consumption of experiential purchases rather than self-fulfilling ones. Money cannot buy happiness, but the way you buy and spend your money will inevitably have a lasting affect on your overall well-being.