An Analysis of the Correlation Between Financial Wealth and Happiness

This report investigates the intricate relationship between money and happiness, examining various perspectives and research findings. It delves into the debate of whether financial wealth directly correlates with well-being, considering different viewpoints and authors' perceptions. The report analyzes factors such as income levels, material possessions, social status, and the impact of spending habits on happiness. It also explores the influence of non-monetary factors like relationships, health, and personal values. The report offers a comprehensive overview of the topic, including the views of Lance Alston and Amy Livingston, and concludes that while money can address certain needs, it does not guarantee long-term happiness. Furthermore, it discusses the Tuckman model and Belbin team role in group reflection.

“Can Money Buy
Happiness”

Table of Contents
INTRODUCTION...........................................................................................................................3
Comparison of different views on the issue....................................................................................4
Conclusion.......................................................................................................................................6
Group Reflection.........................................................................................................................7
REFERENCES..............................................................................................................................10

INTRODUCTION
The topic “Can money buy happiness” is a wider area that covers various aspects,
perceptions and believes. Money can make people to resolve their problem. Rather than making
them happy. As long people don’t have money they think and believe that money helps them to
buy happiness. Money acts as a medium in order to get essential things done. Thus, it can’t be
considered that money makes people happy which can be effectively understand with the fact
that money helps a person to buy bed but it can’t buy them sleep. Further, money can make a
person buy pleasure but it can’t make them by happiness. This report helps in solving
misconceptions about the present topic. Present report structure in a format that covers many
facts and evidences that will helps in understanding the fact that money is only required for
happiness but possessing money would not bring happiness in a person life. This report also
includes facts that will showcase that if a person lives in poverty then it’s not certainly difficult
for them to be truly happy. Money can fix problems that make people think that it also helps in
bringing happiness. This report also helps in understanding relationship in between money and
happiness and provides an outcome on the fact that having money is not linked with greater
happiness. With the help of many authors perceptions along with their findings present topic are
effectively illustrated. In this report centre point revolves around clear relationship between
income and happiness along with their intrinsic and instrumental importance. Investigations on
research reports are also been included in this report in an effective manner as to elaborate
findings in an efficient manner.
Comparison of different views on the issue
There are different perceptions and believes of researchers formatively being discussed in
order to clearly expand the area of understanding relating to the present topic. Along with this,
different set of views on the issues in addition with their unbiased analysis has been done in an
effective way. There is a plenty of debates and different types of perception of authors are
effectively elaborated.
As per the view point of Lance Alston, when it mainly comes to some billionaires it has
been seen that money make some of them quite happy, but not all are happy as they are totally
engaged in the global rat race. According to research it has been found that, money can help a
person to buy things and social status but it can’t add happiness for long term. In this research
author also mention Benjamin Franklin statement which is “Money has never made man happy

and there is nothing in its nature to produce happiness”. There are some most important factors
that bring long term happiness in a person’s life some of that factors are trust, good health,
freedom and friends. While on the other hand as per the view of Amy Livingston, money can
bring happiness to people. As by using money people can spend that on others to make them
happy and can measurably gain happiness. It has been seen that higher inequality within a
country mainly means lower happiness. As per the recent study (Settle, 2014) by looking
different factors that effectively contribute towards happiness in across 56 country it was found
that money have significant effect towards increasing ratings of happiness.. Along with this by
spending money on material quotes people can create more happiness For an example, by
spending money on vacation and trips people can quickly gain happiness along with this by
giving gifts can help in strengthening social points which acts as a source of happiness. It has
been measured that economically prosper country are more happy (Sarracino ,2013).
Thus in this case money is mainly interconnected with happiness I stand with the fact that
when it comes to topic of money linked with happiness money cant able to bring happiness in a

person life as grass is mainly groaner on the richest side. As per view point of happiness expert
and psychologist money cannot able to buy long term happiness. According (Sheldon and
Krieger, 2014) a recent research, it has been seen that service lawyers are happier as being
compared to do job lawyers despite having low income level. Service lawyers get paid less and
are having higher well being as compared to those Lawyers who works in highest pay standards.
This link helps in stating the fact that money is not a factor that can buy happiness. Thus it, can
be said that money has no connection and effect on a person happiness as happiness is mainly
not depend on a personal income level. As per mentioned in the book of 1974 - Easterlin Paradox
increase in an individual income does not increase the level of their happiness as happiness is
constant. It can further understand with the theory of (Maslow, 1970). As in this human can only be
satisfied and happy with the sum of the certain needs that are love, belongingness, self
actualization, psychological need, safety need and self esteem need. Thus, as per according to
this matter happiness and Money are not interrelated in order to satisfy human higher happiness
level. People by spending the time with family and friends can earn more happiness rather than
spending money on material things. Therefore, by evaluating all the factors it can be effectively
said that rich peoples are not happy as money cannot protect a person from any of the negative
experiences and efforts that they encountered as that can only be overcome with love sympathy
and belongingness from family and friends. Thus, money does not able to buy basic human
elements like, love, purpose and peace which is one of the strongest element of happiness. Along
with this pride and contentment are also some of the factors that cannot be able to buy from
money. Therefore, from this research it has been showcased that happiness is not a thing that can
be earned from money rather it allow a person to rent it from some material elements. As when a
person buys material things from money they started comparing it from there, family, friends,
neighbours and other person, it generates the feeling of jealous and comparison rather than to
feel happy. As having a feeling of comparison is a harmful and insidious things as in this
individuals see themselves loosing. Thus, it can be effectively cleared with this fact that,
purchasing of new material stuff does not able to fulfil individual self-esteem need which is one
the basic elements for happiness. Therefore, it is very essential to build up right attitude towards
happiness and money. Along with this, it is also important for individuals to spend their time
with family, friend etc in order to create healthy and good memories which is one of the
strongest elements for higher happiness level.

Conclusion
In above mentioned report, viewpoints of different authors are presented with respect to
can money buy happiness. Everyone has their own though process and accordingly their opinions
vary. According to some authors, money can buy happiness as deficiency of anything means
unsatisfaction. If individual do not have money than they might not have necessary basic
facilities which they must have. So as per them money leads to happiness. On contradictory note,
some authors said that money can buy everything but it can’t get happiness from the same. For
instance and individual works a lot to earn money and do not have time to spend it on themselves
then what is the use of that hard work. It simply leads to working for money and not for
happiness. The other authors presented their views on the same that without hard work nothing
can be attained not even money or happiness. Individuals need to take out time from their busy
schedule as time will not come by itself.
Some authors said that without having money they cannot have adventure like shopping,
travelling, movies or any other entertainment in their life. Whereas others expressed their views
in a different note. Money can buy everything but it will never be able to buy happiness for
instance money can bring things like bed but it will not bring sleep which is without tensions of
next day. It may buy people but it will never be able to buy sense of belongingness, a shoulder to
cry on or laugh with, emotions. These are some things which every individual needs in their life
and if they do not have these then there is no sense of having so much money. By going for
travel individual can forget or get rid of things for sometime but it is not the permanent
happiness. It is just a way to get away from prevailing situations. It would be similar to living
without breathing and soul. It was analysed that money cannot buy happiness permanently but it
can give happiness for some time.
Group Reflection
The team is formed for debating on the topic “Can money buy happiness?” For this
tuckman model of team can be used. Furthermore to analyse this team, Belbin theory has been
used. The team has gained lots of knowledge after accomplishment of the team. These models or
frameworks are elaborated below:

Tuckman model of team: This model was given by Bruce Tuckman in 1965. As per the
requirement of project team was formulated (Natvig and Stark, 2016). Each stage which is
associated in the process of team formation is described below:
 Forming: It is the initial stage within team building; in this group members are
accumulated. At this time, every individual behaves independently as they are not aware
of the reason behind formulation of team. They will share the basic knowledge about
themselves with each other.
 Storming: In this stage each members behave like a team. Being a team leader, it is my
duty to ensure that there develops enough understanding among team members.
 Norming: Group members start the debate or discussion on the topic which is concerned
with money and happiness. Each individual have their own point of view and they starts
expressing them. Being a group leader I need to ensure that this stage is carried out
effectively like the debate should not turn into arguments or take other turn.
 Performing: The debate is taking place; people have their own point of view it is either
affirmative or against the present argument.
 Adjourning: In this stage of team building, it signifies that while debate is taking place
a conclusion will be derived that will be in favour of the statement or may not be in a
favour.
Therefore, the tuckman theory will assist to form a team to address the viewpoint of different
people thereby proper result can be attained from the given statement. Apart this, it will help
them to acknowledge different aspects as well as gain knowledge associated with the same.
Belbin Team Role
The belbin team role model is intended to make use of the talents as well as personalities
of team members (Batenburg, van Walbeek and in der Maur, 2013). It is necessary for me to
acknowledge the psychological diversity of a team to complete potential. Team roles portray the
behaviour which can be described when they work together. When a debate is to be conducted
then to gain knowledge about different aspects it’s necessary that complementary roles must be
taken into consideration. This will depict the personality of each individual and what they think
is money enough to have happiness. Team is formed in such a way that they complement each
other as well as contradict one other. This is depicted below:

Implementer: They are the practical implementers. They have taken within the team as
they are task oriented, orderly and disciplined. They take into consideration the practical form of
reality. I have considered them within a team as they will discuss the exact that whether money
will bring happiness or not (Belbin, 2012).
Resource Investigator: They are the person who is extrovert, adventurous, open-minded
and enthusiastic. They have good contacts with others. I have taken them as they are
brainstormed and curious to know various aspects of the topic. This will help other team
members to learn from this when they will cross question each other. For instance money can
buy everything, but it won’t buy the time to make use of those things. As resource investigator is
adventurous person for them money is the major source of happiness.
Plant: I have taken them within a team as they are creative thinkers, innovative as well as
original. They views will be not biased and their opinions will not be dependent on what others
say but they will be like original means that happiness can be bought by money and if yes then
how and if no then why. But sometimes they miss some essential points that are the reason
behind formation of a team.
Monitor: They are the critical, thoughtful as well as sensible individuals. Being a team
leader it is necessary for me to analyse the viewpoint of different personalities to understand this
concept. For this, they are other individuals who considered. They analyse the situations in depth
and gains the bottom of the things. Like money can buy bed but can it buy a sleep, they will try
to evaluate this.
Shaper: They are wilful, passionate and driven. They have the strong urge to perform
and want the things to be with them. They might be money minded people and believe that by
having money they can have anything in life. I have taken them within a team as they want to
succeed either one or the other way. As per them money is everything for them and it will lead
them into new heights.
Coordinator: I am the one, who will look after entire team, procedures and tell them
about what all is it about. I won’t say that i have lots of knowledge or talent but definitely i am
the one who is presentable can easily share my opinions with others. I don’t think money can buy
everything. It is just a source to happiness but it is not the actual happiness.
Completer finisher: They are the individuals who have the talent to know what can go
wrong, they analyse each and every detail associated with this topic. They are perfectionist and

can take this topic to other heights when debate is going on. This will assist each team member
to gain knowledge and practicality of this situation.
Team worker: They are the sensitive members within a team who are responsible for
creating a healthy environment as well as will take into consideration opinions of everyone who
are involved within a team which will generate sense of togetherness. They do not possess ability
to handle decisions at critical times and if argument do not go well then they may have difficulty.
By making use of Tuckman theory, a team is formulated. It begins from initial stage to
accomplishment of entire debate. Belbin theory describes about the roles of individual with a
team, they are basically individuals who have been the part of team. From debate I have found
that money can everything but it can only buy things not happiness.

REFERENCES
Books & Journals
Batenburg, R., van Walbeek, W. and in der Maur, W., 2013. Belbin role diversity and team
performance: is there a relationship?. Journal of Management Development, 32(8), pp.901-913.
Belbin, R.M., 2012. Team roles at work. Routledge.
Diener, E. and Biswas-Diener, R., 2002. Will money increase subjective well-being?. Social
indicators research, 57(2), pp.119-169.).
Kushlev, K., Dunn, E. W. and Lucas, R. E., 2015. Higher income is associated with less daily
sadness but not more daily happiness. Social Psychological and Personality
Science, 6(5), pp.483-489.
Maslow, A., 1970. Motivation and Personality, T ed. Nueva York: Harper & Row.
Natvig, D. and Stark, N.L., 2016. A project team analysis using Tuckman's model of small-group
development. Journal of Nursing Education, 55(12), pp.675-681.
Oates, M., 2016. Socio-material theory: an alternate view of interprofessional team learning.
Sarracino, F., 2013. Determinants of subjective well-being in high and low income countries: Do
happiness equations differ across countries. The Journal of Socio-Economics, 42(3),
pp.51-66.
Settle, R., 2014. Does Money Truly Buy Happiness? A Study of 56 Countries’ Levels of
Happiness and the Contributing Factors. Papers & Publications: Interdisciplinary
Journal of Undergraduate Research, 3(1), p.11.
Sheldon, K. M. and Krieger, L. S., 2014. Service job lawyers are happier than money job
lawyers, despite their lower income. The Journal of Positive Psychology, 9(3), pp.219-
226.
Ye, D., Ng, Y.K. and Lian, Y., 2015. Culture and happiness. Social indicators research, 123(2),
pp.519-547.
Online
Can money buy happiness. 2017. [Online]. Available through:
<https://www.consciouslifestylemag.com/can-money-buy-happiness/>.
Waiting for Merlot: Anticipatory Consumption of Experiential and Material Purchase. 2019.
[online]. Available through:
<https://journals.sagepub.com/doi/abs/10.1177/0956797614546556>.