ICR273: Putting a price on happiness (with co-host Faith Archer)

Can money buy you happiness? That's our topic for this episode, with some new research aiming to place an actual monetary amount on being happy.

The latest research from SunLife reveals that while cash and happiness are related, you don’t need to a millionaire to be happy – just £82 spare per week.

In this episode we talk about how money is linked to happiness, some ways to find that extra spare cash each week, and why spending money on experiences leads to greater happiness levels than simply buying stuff.

Personal finance news

-Behavioural economist Richard Thaler has been awarded the Nobel Prize for Economics. Professor Thaler is co-author of the best-selling book Nudge, which examined why people make bad or irrational choices.

-Car insurance premiums have fallen for the first time in more than three years, but drivers are unlikely to feel the benefit for long. Analysis by price comparison website Confused.com shows insurance prices fell by 1% in the third quarter of the year.

-Retailers are planning to defy the Royal Mint's deadline and continue accepting the old £1 coins. The Federation of Small Businesses, which represents 170,000 small shops, has advised members to continue accepting the round pound after the 15th October deadline.

-The latest figures from Visa UK show a continued decline in household spending in September. It's the fourth monthly fall in expenditure in the last five months.

-Younger savers are increasingly likely to want responsible investment choices for their pensions. A YouGov poll of 2,100 people found 13% of 18 to 34 year olds said it was their job to make sure their money was invested ethically.