How much money makes you happy? We ask an expert

There is a link between money and happiness, says Prof Jan-Emmanuel De Neve, but it’s much stronger at the bottom of the pay scale

Money can buy happiness – just ask anyone without it. But the question of how much happiness has long been a focus of wellbeing science. I asked Prof Jan-Emmanuel De Neve, director at the University of Oxford Wellbeing Research Centre, what the data says.

Given we’re in a cost of living crisis, does this question even matter? Survival first, happiness later, right?
How we feel about the quality of our lives is what matters. So is there a link between money and happiness? Absolutely – especially at the bottom of the pay scale. As you move up, there are diminishing returns. So the wellbeing boost from a £20,000 salary moving to £40,000 would be significant, but to achieve that again, you’d have to move from £40,000 to £80,000, then £80,000 to £160,000. To get the same impact, you have to double each time.

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