Exploring the Correlation Between Wealth and Happiness

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ACADEMIC AND STUDY SKILLS
Question: “Can money buy you happiness?”
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Table of Contents
Introduction................................................................................................................................3
Comparison of different views on the issue...............................................................................4
Conclusion..................................................................................................................................7
Group reflection on the group performance...............................................................................9
Reference List..........................................................................................................................12
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Introduction
Happiness is one of the most important psychological aspects that are favoured by every
individual. The topic whether money can buy happiness, has developed over the decades. It is
important to understand the most common belief that money cannot buy happiness is never
completely accurate. In certain scenarios it has been observed that money at least is one of
the prime factors that can keep people happy and satisfied in their life. In most of the cases, it
has been observed that individuals are of the view that money is not the only necessity that
keeps people happy. However, individuals usually spend money for purchasing things that
they like the most. This can be regarded as one of the partial aspect of keeping individuals
happy. The topic of the research is highly debatable and there are varied opinions existing
amongst individuals. Besides this, the issues will be identified along the course of the
research development. This will allow individuals to gain a proper understanding of the ways
in which money should be utilised and should not be confused as the only medium to stay
happy.
The study will focus on the use of relevant journals and articles that will help the researcher
to understand the ways in which people look at the materialistic aspect of their lives. In some
of the studies, it was seen that individuals address the extrinsic and intrinsic areas of
motivation that could lead to their social and physical well-being. The presence of money can
have a positive impact on the lifestyle of an individual. However, the absence of the same
could inflict harm on their social well-being. The ideology of being happy with being rich is
completely based on an individual’s perspective. The study mainly deals with the different
ideology related to the topic of the research.
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Comparison of different views on the issue
The key to being happy is not just limited to the material possession of an individual.
Individuals often confuse their richness, as the key aspect of staying happy and satisfied.
However, one cannot deny the fact that to some extent money is responsible for keeping
individuals happy. In order to understand the statement, questioning someone who has no
money left would be a suitable option. It is important to understand that if an individual is
rich enough, he or she can have the best of facilities in their favour. However, all the facilities
can be limited to a certain point. In the words of Dunn et al. (2014), people usually strive to
have a better income, so that they are able to sustain their life in a better manner. However, it
is important to state that they cannot just stay happy with having a better income or a bigger
house. It is necessary to know that people gain happiness with their experience.
According to Matz et al. (2016), people tend to become more happy when they are with their
loved ones. In some cases, it has been observed that people feel happy by doing things that
they love. Going on a vacation with family or friends can be regarded as a major aspect of
being happy. People that tend to gain happiness with the help of personal experience have felt
that their happiness increases with the passage of time. Besides this, there are instances that
show the perspective of individuals related to spending money on themselves rather than on
others. They feel that they will be happier if they fulfil their personal needs and wants.
However, they fail to realise the making other happy would give them a sense of satisfaction
and gratification.
As opined by Mogilner and Norton (2016), people look to develop their emotional and
mental state by working hard and earning more money, so that it helps them to fulfil their
basic necessities. It allows them to have their dream house or maybe a luxury car. They tend
to feel happy and contented for some time. However, people who mainly look for
materialistic gains cannot stay happy for a very long time. Their happiness is usually short-
lived. In some cases, individuals tend to feel happy with their emotional contentment by
being helpful to others in times of necessity.
Many instances show that individuals are exposed to the idea of spending money due to their
usage of certain money-oriented strategies. As a result, individuals are able to increase their
spending habits and look for happiness in the materialistic aspects of life. In the opinion of
Mogilner et al. (2018), most of the individuals have undergone a change in their mental state
due to their exposure to certain commercial advertisements that they view on a daily basis.
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They have started feeling that if they have more amount of wealth, they will be happy in their
life. However, this is not always the case. Most of the people, who think that money should
be their sole priority in life, have suffered in terms of staying happy. Individuals tend to feel
that being materialistic will help them to fuel their pursuit of happiness and help in the
elevation of their social status.
As per the words of Klosowski (2013), individuals get attracted to a particular product that
they might not require. Due to the presence of money, they focus on purchasing the same and
feel happy about it. However, material belongings are unable to make someone happy for too
long. They might start feeling agitated and irritated about their material belongings. As a
result, it is necessary for individuals to understand that material belongings can provide them
with temporary happiness and besides this, it tends to have a negative influence on their
emotional state of mind. Due to possession of material things, people tend to be separated
from their loved ones. As a result, it has a major negative impact on the individuals’ state of
being happy and leading a satisfied life.
Most of the individuals that tend to lead a high-profile lifestyle are often under immense
societal pressure. In majority of the conditions, it has been observed that people look to
undertake a rich lifestyle to ensure that they are being able to impress their society in a
successful manner. This portrays a negative effect on their life and they have to bear the
repercussion of their decision in a negative manner. Dittmar et al. (2014) rightly stated that
due to the growth and development of the internet, people have been exposed to the lifestyle
that is led by rich people of the society. This develops a sense of competition amongst the
individuals and they aspire to lead a life full of material belonging.
In a study done by the psychologist, the relationship existing between well-being and material
possession was explained. The relationship stated that people belonging to the different
aspects of the society were not satisfied with the life they led. Besides this, most of these
individuals were not motivated and they lacked the quality of self-actualisation. Besides this,
they suffered from intense anxiety and depression in terms of leading their lives. This casted
severe negative impression in their minds and they started taking recourse to material
belongings. Batson (2014) stated that people had serious misconception about the ways in
which their well-being can be enhanced. They felt that if they had access to large amount of
wealth they would be happy and satisfied. However, individuals who aspire to lead their lives
based on materialistic things have developed a negative image about themselves. Besides
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this, there are individuals, who mainly focus on the betterment of the society with the help of
their actions.
After analysing the above arguments, it was observed that individuals were mainly focused
on having more materialistic possession. Therefore, it was evident that in most of the cases,
people look to suffer due to their attraction towards material possession. They tend to forget
that there are certain feelings and emotions persisting in the society. As a result, they are
trapped in their own attraction for material goods.
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Conclusion
The importance of the topic could be seen in the debatable nature of the same. During the
course of the research, the researcher has analysed certain journals and articles that were
related to the ability of money being able to buy happiness. The members of the group had
different opinion about the ways in which money can have an impact on the social and
emotional well-being of the individuals. After working with the members of the group, it was
understood that some of them were against the ideology of money being able to buy
happiness while others were in favour of the same. The variety of their response allowed the
development of the research in a better manner and it was easier to meet with the overall
requirements of the research.
After analysing the different journals, it was observed that many scholars too had different
perspectives about the research topic. Some opined that money should be the key priority of
an individual, if they aspire to lead a happy and prosperous life. This will allow them to gain
access to all the material belongings that they had always aspired to own. These scholars,
however, found their statement and ideology to be contradictory to the other scholars, who
were against the research topic. In their opinion, it was observed that people might not have
access to material belongings and still stay happy in their life.
The varied perception of individuals depends on the way in which they decide to spend their
money. In case individuals have too much of money, they might feel the absence of the
emotional aspects in their life. However, if they suffer from lack of money, it might have a
completely negative impact on their life and upbringing. The journals and articles have
assisted in understanding that the presence of money is highly important for an individual, as
it helps them to remain happy and contented. They are able to have all the material
belongings that they aspire. Besides this, it allows them to fulfil their basic amenities.
Although it cannot be regarded as the only aspect that could keep, people happy. They have
to understand that the presence of family and friends is also necessary to stay happy and share
emotions with one another.
The assessment on the research topic has been done with the aid of a group developed by
including 4-6 members. Their ideas and research will help to gain enough evidence on the
research topic. Each member of the group was asked to research on different aspects of the
topic. This has allowed them to gain substantial evidence that could be used for
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understanding the research in an authentic manner. The project has been developed with the
aim of discussing some of the most important aspects that relate to the ideology of happiness.
Therefore, the implementation of certain theories and model such as Belbin and Tuckman has
been done for gaining a better understanding of the topic.
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Group reflection on the group performance
During the development of the research topic, I could understand that my team members
were highly focused on achieving the tasks that have been allocated to them. Each member of
the group was asked to research into different aspects to gather all the relevant information
that could be used for understanding the project requirements in a better manner. In order to
understand the contribution of each member towards the team, I will make use of Belbin’s
Role Framework and Tuckman’s model of group evolution.
Belbin’s Role Framework
Resource Investigator
The role of the resource investigator is crucial, as they are responsible for gathering ideas and
helping their team to perform in a better manner. Their main area of strength is that they are
able to look for new opportunities and maximises on them to enhance the quality of their
research outcomes. However, their weaknesses involves that they might lose enthusiasm in
terms of their project development.
Teamworker
The teamworker’s role is essential, as they allow the members of the team to gel with one
another and it eases the process of accomplishing the tasks that has been undertaken by the
team (Eubanks et al., 2016). Their level of cooperation and positive approach is their area of
strength. Besides this, they might lead to confrontation and indecisive actions during pressure
situations.
Co-ordinator
Their job role includes focusing on the activities of the team in such a manner that they are
able to make sure all the different aspects of the project are being done in an appropriate
manner. They are usually confident in their approach and are capable of identifying talent in a
better manner. However, they can be manipulative at times and it can hamper the success of
the project.
Plant
They are highly creative in terms of performing their tasks. Besides this, they are also capable
to resolving the issues that are faced in the course of the research. However, it was observed
that the members of the team were unable to communicate in an effective manner.
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Monitor Evaluator
They are responsible for making decisions in an unbiased manner. This helps to develop the
overall motivation level of the team. They have the ability to make the most accurate
judgement that helps them to meet with the project requirements. However, there are
instances, when they are unable to provide enough inspiration to the team members (Meslec
and Curşeu, 2015).
Specialist
There are certain individuals that were responsible for making use of certain technologies for
developing the quality of the research. They are highly dedicated to their work and are known
for possessing technical skills.
Shaper
The shaper’s role is important for the team because they provide team with important drives
to keep the team progressing. This helps them to ensure that the team does not lose focus
from their aim. However, the role of the shaper could have a negative impact on the feelings
or emotions of the individuals involved in the team.
Implementer
They have to implement important strategies in the workplace, so that it helps the members of
the team to work in an effective and efficient manner. They are capable of turning ideas into
actions for enhancing the process of their research.
Completer/Finisher
The finisher’s role is significant for the team, as they look to scrutinise the errors and flaws in
the research so that it helps them to ensure high quality work for their team. Their strength
lies in the fact that they are able to eradicate errors in the process and manage the quality of
their work.
Tuckman’s Model of Group Evolution
Forming
The team members are highly dependent on their leaders for gaining their guidance and
assistance in the work (Haines, 2014). In most of the cases, the role of the members in the
team is not clearly explained. The team leader provides the direction.
Storming
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The decisions cannot be easily made in favour of the team. In this stage, members often look
to strive for recognition and this might develop conflict amongst the team members. As a
result, the organisation faces issues in terms of the constant uncertainty that they face.
Norming
This stage is relaxed, as the members of the teams can easily function in collaboration with
one another. Besides this, there is a high level of commitment amongst the team members
and this assists them to achieve their tasks in a hassle free manner (Raes et al., 2015).
Performing
This is the final stage of the process of team evolution. All the different members of the team
are completely aware of their roles and responsibilities. This increases the success criteria of
the organisation and they are able to meet with the objectives developed by the team.
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Reference List
Batson, C.D., 2014. The altruism question: Toward a social-psychological answer.
Psychology Press.
Dittmar, H., Bond, R., Hurst, M. and Kasser, T., 2014. The relationship between materialism
and personal well-being: A meta-analysis. Journal of personality and social
psychology, 107(5), p.879.
Dunn, E.W., Aknin, L.B. and Norton, M.I., 2014. Prosocial spending and happiness: Using
money to benefit others pays off. Current Directions in Psychological Science, 23(1), pp.41-
47.
Eubanks, D.L., Palanski, M., Olabisi, J., Joinson, A. and Dove, J., 2016. Team dynamics in
virtual, partially distributed teams: Optimal role fulfillment. Computers in human
behavior, 61, pp.556-568.
Haines, R., 2014. Group development in virtual teams: An experimental
reexamination. Computers in Human Behavior, 39, pp.213-222.
Klosowski, T., 2013. Why We’re So Materialistic, Even Though It Doesn’t Make Us Happy
[online] available at: https://lifehacker.com/why-were-so-materialistic-even-though-it-doesnt-
make-1486081424 [Accessed 27 April, 2019]
Matz, S.C., Gladstone, J.J. and Stillwell, D., 2016. Money buys happiness when spending fits
our personality. Psychological science, 27(5), pp.715-725.
Meslec, N. and Curşeu, P.L., 2015. Are balanced groups better? Belbin roles in collaborative
learning groups. Learning and Individual Differences, 39, pp.81-88.
Mogilner, C. and Norton, M.I., 2016. Time, money, and happiness. Current Opinion in
Psychology, 10, pp.12-16.
Mogilner, C., Whillans, A. and Norton, M.I., 2018. Time, money, and subjective well-
being. Handbook of Well-Being. Noba Scholar Handbook series: Subjective well-being. Salt
Lake City, UT: DEF publishers. Retrieved from: nobascholar.com.
Raes, E., Kyndt, E., Decuyper, S., Van den Bossche, P. and Dochy, F., 2015. An exploratory
study of group development and team learning. Human Resource Development
Quarterly, 26(1), pp.5-30.
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