Many of you are probably getting ready for the holidays now by getting your Christmas trees and thinking about that perfect gift for your children, spouse, family, friends, and colleagues. Tis the season to be jolly, giving and spending money. For some, it will mean a lot of money. Is there a balance between spending money and giving? Also, how much spending would make you or those around you happy? This is probably a good time as any to write about what makes us happy.
There tends to be a general belief that we are happier when we spend more money on ourselves than when we spend it on others (Dunn et al., 2008). However, there is a large body of research that suggests that the manner in which we spend makes a difference in terms of our long-term happiness. According to researchers and analysts, the ticket to happiness is not spending without regard but to choose who to invest the money on. According to a study conducted by Dunn and her colleagues, they found that investing disposable income on others rather than on ourselves could make us happier in the long run. For example, participants reported feeling happier when they spent $5 or $20 on another person compared to their counterparts who spent it on themselves. Also, people who spent greater proportions of their income on giving to others or to charity were rated as happier than those who spend it on themselves. Canadian and Ugandan students reported feeling happier when they recalled events in which they spent on others compared to students who spent on themselves (Aiken et al., 2010). This means that giving is making a lot of donors very happy – and this doesn’t even take into consideration how the recipients feel! Why is this so? More to come... by Dr. Virginia Chow.
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