Listen Now: Buying Happiness
Think money can buy you happiness? Depends what you spend it on.
According to a new study published in the journal, Proceedings of the National Academy of Sciences people who spend money to buy themselves more free time are happier than others. Examples of this includes spending money to hire someone for personal chores such as house cleaning, grocery shopping and washing the car. And it’s not just the rich who are benefiting.
The study found that everyone; across a range of incomes, careers and countries were happier after pawning their responsibilities off on someone else. To get these results, researchers recruited 60 adults in Vancouver and gave them $40 on consecutive weekends. They were told to spend the money on a material purchase one weekend and a time saving service on another.
Most people responded that the time saving purchases made them happier and it didn’t matter what how expensive their material purchase was. So maybe consider paying someone to do the chores you hate. Who needs to be overworked and tired when you can buy yourself a few extra minutes of freedom and fun?
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.