Professor Elizabeth Dunn from UBC discusses how money can indeed buy happiness, sharing insights from her book 'Happy Money: The Science of Happier Spending'. They explore strategies for maximizing happiness from spending, the impact of income increase, and the importance of generosity and social connection in relation to wealth and well-being.
Money can improve aspects of life but doesn't guarantee happiness due to hedonic adaptation.
Investing in experiences and buying time can lead to lasting happiness according to Prof. Dunn.
Deep dives
The Sleep Number Smart Bed for Couples
The Sleep Number Smart Bed caters to couples with different preferences, offering firmness for one and softness for the other. It also adjusts temperature settings individually, ensuring a personalized sleeping experience for both partners.
Money's Impact on Happiness
The relationship between money and happiness is complex. While having money can improve certain aspects of life, it doesn't guarantee happiness. The podcast delves into the concept of hedonic adaptation, where individuals adjust to changes in income and discusses how personal finances can be a significant source of stress.
Research on Money and Happiness
The podcast highlights research conducted by Professor Elizabeth Dunn on the link between money and happiness. One study involved giving individuals money to explore its impact on life satisfaction. The results showed that receiving money significantly boosted participants' happiness, particularly in lower-income countries.
Prioritizing Experiences and Time over Money
The importance of prioritizing experiences over material possessions is emphasized by Prof. Dunn. Investing in experiences like trips or outings with friends tends to yield more lasting happiness. Additionally, the podcast discusses the value of buying time to enhance well-being, particularly by outsourcing tasks that bring little satisfaction.
We’ve all heard the phrase, “money doesn’t buy happiness.” But, Elizabeth Dunn, a professor in the Department of Psychology at the University of British Columbia, says that isn’t necessarily true. She sits down with Dr. Sanjay Gupta, CNN’s Chief Medical Correspondent, to talk about her research into getting the “biggest happiness bang for our bucks,” and lessons from her book, “Happy Money: The Science of Happier Spending.”