Elizabeth Olufowobi (she/her/hers), Low Entropy Volunteer Writer
This article was composed with the assistance of artificial intelligence.
If we haven’t been living under a rock for most of our lives, we have definitely heard the phrase from a motivational speaker, as they sport designer clothing, passionately saying, “Money can’t buy happiness!” If you’ve never heard that phrase before, it basically means that there is a limitation to what money can do for you, and people argue that happiness is one of them. Some argue that people derive happiness from many things, such as giving, travelling and hanging out with friends, and that money couldn’t possibly be the only source.
I will confess my sins: there was a time in my life when I would have agreed with that statement. But then I got a job and started buying BTS merch, and that was the day I left my old way of thinking behind. And don’t get me wrong, I will play the devil’s advocate, there is some level of truth in saying money can’t give you everything you want. You can’t buy real and healthy relationships (well . . . unless you buy me a Gucci bag, then girl, I am now your best friend). You can’t buy life, though you can pay for experiences that make life worth living. You can’t buy the world . . .
Okay, I am failing at this devil’s advocate thing. But this actually proves the point as to how money can be used to make your life more meaningful. Because the debate as to whether or not money can bring you happiness isn’t just about human nature, it is rooted in the economic reality of our world. You may be asking, “Girl, what?” Good question, keep reading.
There are many perspectives one can take on why money can buy you happiness. This time, I will argue from a low-income perspective. So, to be real with you, my family is not part of the middle class, nor higher. We have often struggled to make ends meet, and happiness tastes a lot sweeter when you have enough money to pay rent and feed yourself.
I do not have any ill will toward any rich person, though I will argue that it’s easier for people who grew up privileged, with full fridges and bills paid off, to claim that money doesn’t buy happiness, because they might be used to living in luxury and, in their cases, happiness might mean fulfillment through companionship, hobbies and the ability to attend wonderful events, since money isn’t an issue for them.
For those who didn’t have that privilege, money can mean affording to feed your family, choosing not to skip meals, being able to play sports or pursue hobbies, going on trips, having a roof over your head, paying for education and, if you’re lucky, saving enough for a car, or heck, even a house to pass down to your kids. It means not having to humble yourself by using food stamps or borrowing money from friends, promising to pay it back “someday.”
Money gives us the freedom not to worry. It allows people to focus on self-actualization. Money lets you sleep better, perform better at school or work, and pay attention to important global issues.
Money can be good. It is a good thing.
So money is good, but is it a cure-all? The research says, and I quote Meghan Trainor, “Nah to the ah to the no, no, no.” The research suggests that happiness increases steadily with income, though one must already be relatively happy for money to continue boosting happiness. Earlier studies said money could only make you happier up to $75,000 a year, but a 2023 paper in the Proceedings of the National Academy of Sciences by Killingsworth, Kahneman, and Mellers, titled “Income and Emotional Well-Being: A Conflict Resolved,” shows that happiness can rise even beyond that, just not for everyone. To summarize the main points, it says problems money can’t solve (like depression, heartbreak or loss) may prevent people from feeling joy no matter how high their income rises.
So the question to ask isn’t whether money brings happiness; maybe the question to ask should be, Can money solve the problems that you have right now, and would that bring you joy? Because that will determine whether money can truly make you happy.
Personally, I’ll admit that I’m still searching for fulfillment in life. But I now see that pursuit clearly. I will go after “moolah,” but I know it is not what brings me joy intrinsically. I will find joy in the little unexpected circumstances of life, such as meeting new people or travelling the world. My goal is to have a secure financial future, but I know not to depend on money as a cure-all. My financial security will allow me to feel safe and secure, while also allowing me to invest in things that bring me little joys. Both can go hand-in-hand.
If you want to dig deeper yourself, I encourage you to give the paper I mentioned above (and other trusted sources) a read to learn more independently and form your own opinion.
Bye! Stay curious.
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Elizabeth Olufowobi is a university student and aspiring writer based in Calgary. When she’s not window-shopping or overthinking her interactions of the day, she’s probably reading, drawing, passionately asking questions about human nature or (let’s be real) doomscrolling.