An In-Depth Analysis: The Influence of Money on Happiness Report

This report examines the multifaceted relationship between money and happiness, addressing the central question: Can money buy happiness? It presents a comprehensive analysis of various viewpoints, including those of Daniel Kahneman, Angus Deaton, Briana Meade, Rachel DeCarolis, Leslie H. Tayne, and Michael D. Brown. The report delves into the psychological and social aspects of money's influence, exploring whether financial resources can lead to lasting happiness or merely provide temporary satisfaction. It discusses the role of material possessions, social connections, and personal experiences in determining overall well-being. The conclusion synthesizes the findings, emphasizing that while money can fulfill basic needs and provide short-term pleasure, it cannot guarantee long-term happiness, which is more closely tied to experiences, memories, and meaningful relationships. The report also includes a reflection on the team's collaborative process and the application of the Tuckman model for effective teamwork.

Academic Study Skills

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Views on the issue ......................................................................................................................1
CONCLUSION................................................................................................................................3
REFLECTION.................................................................................................................................4
REFERENCES................................................................................................................................7
.........................................................................................................................................................7

INTRODUCTION
Present project has been concluded on a most physiological affirmation “Can money buy
you happiness?”. In this report discussion has been made against this statement as money could
not not be consider as a source with the help of which individual can lead towards eternal
happiness. As it has been identified that, a person work harder to earn money along with this
they even work in night and struggles as to earn more and more time. With this they can buy
material things according to their wish or choice but by working all day along the person could
not be able to save their time to spend on themselves, families or friends. This states that with
money a person can only have happiness in material form but to earn real happiness money is not
the things that can provide them happiness. Thus, it has been identified that money only benefit
an individual to have materialistic happiness as with this they can buy their favourite book,
knowledge, house, car, position etc. but they could be able to buy happiness with that money. It
is a fact that, money act as one of the most important thing in an individual life with the help of
which they can effectively able to fulfil all their basic necessities on every day basis. But this is
only remain with the person for short period of time unless they have time and person to share
those things. Thus, in order to determine and justify this statement present report covers view
point of numerous individual as to demonstrate this statement. Present argument discuss the
evidence in regard with, money can not buy happiness to a person. With the help of viewpoint of
many individuals this report present argumentative discussion in the favour of the statement that,
money can not buy happiness. This investigation include discussion related to the views over this
issue or topic by considering unbiased information presented by several persons over this issue.
In addition to this, formative conclusion is also being given in this report. Last;y, project cover
group reflection that demonstrate the thought and view point of every set of individual those who
contributed their contribution throughout this discussion.
MAIN BODY
Views on the issue
The statement “Can money buy you happiness?” reflect different set of view and
perceptions of different individuals. As some person consider money as a thing that buy them
happiness while other does not consider money as a source of happiness in their life as they think
money only as a source to fulfil their basic needs. For instance according to the view point of
1

Daniel Kahneman and Angus Deaton, 2019, it has been determined that money does not buy
happiness to a person though can allow individual to fulfil basic need in a well defined manner.
According to the different studies it has been identified that individuals mainly feel more
completed when they receive their salary as it effectively allow them to buy the things that
eagerly waited for and earn happiness for short span of time. While on the other side, it has been
determined that individual could not be able to get any form of emotional or internal happiness
from their salary. With the help of money person can not able to fulfil their social and true
relations in a society and further could not acquire happiness which they can get from being with
their friends, family and beloved ones. This is mainly due to that individuals nowadays seems to
be more busy to earn more money as to afford attractive lifestyle this further lead them towards
not maintaining formative relationship with society.
While as per the view point of Briana Meade, 2019, it has been identified that if
individual spend money in right way them it can lead them towards happiness. This means that
who you are, when you make a purchase etc. all these form of factors lead towards making big
difference to the outcome of one's spending. As it has been signified that spending habit of an
individual are duly influence by their personality and if they spend the money in those areas
where they have already planned for long period of time then it can provide them with immense
level of happiness. In addition to this, it has been determined that, there are numerous set of ways
in which money can be spend to earn happiness. As of person spend their money by undertaking
their own decision without get influenced by other viewpoint. Thus, it is essential for an
individual to try out to make compromise in between personalities before a situation leads to
unhappiness. Along with this, another act that can lead individuals towards happiness from
money is to understand secret of giving to other by way of funding, charity, gifting and
supporting other person. Through being socially moral person individual can earn happiness
form money.
Apart from this in accordance with the perception of Rachel DeCarolis, 2018, money is
being considered as most essential element that allow individual to make their life better and
further fulfil every wish they want. But still person can not be able to earn long term happiness
with the money as it can only allow them to be happy for shorter span of time. This is mainly
because of the happiness that derived from money is totally depend upon the attitude of an
individual towards the manner in which a person handles it. If a person remain stick upon the
2

belief that by earning more money can lead them towards happiness then they try hard to gather
it more. This further does not lead them towards gaining happiness while if individual effectively
learn to spend money in right ways then it will allow them to gain happiness. In addition to this,
it has been determined that if a person spend money on adventurous trips, celebrations and
holidays them they can have accesses for happiness rather than to save funds.
As per in accordance with the point of view of Leslie H. Tayne, 2018, money could not
be able to buy happiness as it is mainly termed as a emotional state within which an individual
move towards by undertaking some certain form of actions thinking in relation with specific
situation or even feel in a manner that trigger into a special happiness. All these things can not be
purchased and when the things that develop feeling along with emotion can't buy then no one is
able to buy happiness. Along with this, happiness originates from happiness and there is nothing
extraneous as no one can buy the spirit of someone. Thus, it has been ascertained that feelings of
happiness mainly generate with the help of practising contribution and gratitues with other
individuals lives. As with the effective formation of social connection with persons and offering
them support individuals can effectively able to have feeling of inner accomplishment as by
doing good to other and further receive satisfaction from that. Thus, all these things could not be
attained by spending hefty amount of money.
Along with this, view point of Michael D. Brown, 2018, states that when an individual
earn enough earning that is duly required by them and further considered as proportionate to
their eduction, age and experience individual can not have access to happiness. This is due to, as
to earn happiness individuals are necessarily required to understand to formulate effectively
balance among personal and professional life. As if an individual devotes all of their time in
earning money then it is hard for them to spend their precious time with their family and friends.
Thus, it is essential for a person to effectively understand that it is essential to maintain equal set
of balance among personal and professional life as to earn happiness from both money and
intangible things on equal proportionate.
CONCLUSION
Present report include the discussion which is undertaken on “can money buy
happiness”. In this discussion by analysing different views and perceptive of individuals it has
been identified that although money allows person to fulfil their basic needs in best effective
3

manner but is does not lead an individual to gain happiness. It is a psychological statement on
which each and every individual have different point of view. This has been determined that if
happiness is considered on materialistic basis then it can be fulfil with the help of money. For
instance, new phone, dress, home car can be purchased in no time with the help of money, along
with this, it also provide short term happiness but happiness that are based on materialistic basis
could not lead individual to effectively fulfil their self-esteem or can not acquire inner happiness.
In addition to this, experience is also one of the most important thing that can not be earned by
an individual by money. For an instance, individual can only earn experience of travelling with
family and friends by spending their time not money. In addition to this, money can manage
well-being and health of an individual but in order to be fit and free of disease person is required
to undergo into continuous practise. Thus, it has been identified that as to gain sustainable
happiness it is essential for an individual to create memories as it can not be purchased from
money.
It has been identified that at certain point of time in an individual life they tend towards
experiencing that money can buy happiness. This does not remain permanent as with the every
passage of time individual tend to believe that happiness like experiences, memories and
achievements can not buy from money. This has been determined that a person can buy
happiness from materialistic thing that last for only short span of time and will fade away with
time. In addition to this, this has been identified that happiness is mainly linked with different set
of emotions as happiness from this can not be buy from money. This has been identified that
materialistic happiness are termed as external things and in order to earn real happiness person is
required to spend their time with family, friends etc. thus, it has been ascertained that happiness
mainly comes from enjoying every bit of time. As per according to the above mentioned
discussion it has been analysed that money can allow individual to buy happiness for only short
period of time but could not be able to buy happiness for lifespan. Further it has been identified
that when happiness that can be earned by spending money them ways from which they can be
allocated from different set of experiences effectively lead individuals to earn some sot of
happiness.
REFLECTION
This reflection is mainly related to the experience that had been encounter during this
project as being a team. Team of 4 individual has been developed in which topic of “Can money
4

buy happiness” is being alloyed by teacher itself. After the assigning has been done we all
initiated the project but in order to ensue its success it is essential to have a well defined set of
plan. In this it has been decided by me to devise a plan with the help of mutual discussion of
each and every individual. But in order to undertake real and true concern it is important to
develop a formative bond among all team members. In order to strengthen the bond Tuckman
model have been implemented by me that allow to form team on step by step activities.
In the first stage of forming, team mates get assembled and allocation of task in being
dome in well effective manner. In order to accomplish this, proper arrangement of meetings with
team members have been done by me as have interaction with each one and learn about their role
in team. Thus, in order to effectively undertake task team has been divided and further roles and
responsibilities has been assigned to each and every team member as per in accordance with their
capabilities and skills. In this, role of team leader has been allotted to me because of my good
leadership as well as communication skill. While one team member have been assigned with the
role related to write the project and other two with the role of investigating related to topic that
has been assigned. In addition to this all members are engaged in the process of planning as to
have mutual consent over planning as to further avoid conflicts.
After that storming stage include in which sharing of ideas has been done as to execute
project in well defined manner. In this planning stage I have asked for the view point of all the
individuals as to accomplish this stage in time effective manner. It has been further identified
that every individual have different of view point that lead towards arising conflict. In order to
challenge this I have decided to conclude plan with each and every individual point of view as to
plan can be strengthen with different perspectives of team mates.
After the process of planning norming stage include, in which team members get agreed
upon all roles that has been assigned to them in well defined manner. Thus, after get mutual
contribution from all team members initiation of project has been done. It has been further
identified that the team members who have assigned with the role of investigation faced issue
related to ascertaining data and information from various online websites and sources. Thus, to
effectively deal with this issues I joined them and effectively studied and go through with
investigated material in order to conduct critical thinking as to choose most appropriate from of
data and information in accordance with the importance of project view point.
5

After the activity of performing and arrangement of all required and necessary data and
information has been done, next stage is related to performing in which action action for report
undertakes for example, writing of project. In this stage proper reviewing of information and data
is being done as to execute project in well defined manner. After the execution of task I asked
one team member to write about it all together in order to proofread it as to further make
improvement of mistakes in order to finally present or submit it.
From this project, it has been identified by me that time management skill act as most
essential skill as to manage project according to perfect time frame and meet all requirements as
per deadline of activities. As it has been determined that, by completing project in according to
time team member can have effective access of self-confidence.
6

REFERENCES
Books & Journals
Araujo, C. M. L. D., 2018. 'As happy as money can buy: exploring antecedents of happiness
according to purchase type' (Doctoral dissertation).
Dube, S. and Dube, M., 2017. Basics first: Let money buy happiness and a central store that
provides essentials for all. John Hunt Publishing.
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.
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.
Mogilner, C. and Norton, M. I., 2016. Time, money, and happiness. Current Opinion in
Psychology, 10, pp.12-16.
Yuen, T. W. K. and Chu, W. W. L., 2015. Happiness in ASEAN member states. International
journal of happiness and development, 2(1), pp.69-83.
Online
Kahneman. D and Deaton. A. 2019.High income improves evaluation of life but not emotional
well-being. [Online] Available through:
<https://www.pnas.org/content/107/38/16489.full>
DeCarolis. R. 2018. Why Money Can’t Buy Happiness. [Online] Available through:
<https://upjourney.com/why-money-cant-buy-happiness>
Brown. M. D, 2018. Why Money Can’t Buy Happiness. [Online] Available through:
<https://upjourney.com/why-money-cant-buy-happiness>
Tayne. L. H. 2018. Why Money Can’t Buy Happiness. [Online] Available through:
<https://upjourney.com/why-money-cant-buy-happiness>
Meade. B. 2019. YES, MONEY CAN BUY HAPPINESS. [Online] Available
through:<https://www.hermoney.com/save/banking/how-to-buy-happiness/>
7