Topic: Business

Last updated: January 27, 2020


The debate about whether money is a source of happiness has been around societies since the beginning of time. On the one hand, there are those who argue that money is ‘the root of all evil’ and have given valid reasons for their case. This group sites the crimes and unethical means that people use to get money. Besides, there is a supporting group that states that happiness is a matter of the heart and a state of mind and as such, it cannot be bought. On the other hand, money opens a world of opportunities. According to Frey and Stutzer without money people would suffer distress and would not be able to have happiness (2018). Consequently, without money people and communities may not be able to enjoy any satisfaction in the present world. Therefore, this paper presents reasons why money is a source of happiness (Hershfield, Mogilner & Barnea, 2016).
One, happiness is derived from being able to afford basic needs for self. One may not be happy if they are not able to provide basic needs like food, shelter, and clothing. Consequently, money becomes an important factor in satisfying the needs of self. However, this argument doesn’t hold when one deduces from it that the more money one has the happy they will be. Contrary, research shows that there is no significant difference between how happy the rich and the poor are (Christensen, 2017). In other words, the level of happiness doesn’t seem to have any correlation with the level of satisfaction. To this end, it would be fair to conclude that without money one will at least need some money to be happy and without money, it may be impossible to have happiness.
Secondly, the accumulation of money is the primary pursuit of humankind. This pursuit of money is an indirect pursuit of happiness. The goal of life for the majority of people is to save money for the future. Hershfield, Mogilner, and Barnea report that people will save money for their children or the future so that they may be able to afford better education and other basic needs (2016). In this regard, people consider money to be a source of happiness for their children in the future. The modern society values money so much, and without it, one may not get respect from the community. Therefore, people associate money with happiness and consider it an essential ingredient of happiness.
In summary, money is a necessary but not sufficient source of happiness. In this regard, one needs money to be happy but is not the only thing that guarantees happiness.

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Christensen, C. M. (2017). How Will You Measure Your Life?(Harvard Business Review Classics). Harvard Business Review Press.
Frey, B. S., & Stutzer, A. (2018). Economics of Happiness. Springer International Publishing.
Hershfield, H. E., Mogilner, C., & Barnea, U. (2016). People who choose time over money are happier. Social Psychological and Personality Science, 7(7), 697-706.


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