Numbers Don't Lie

Monday, October 02, 2006

How much money to make you happy?

Who says money can’t buy you happiness? Economists Jonathan Gardner and Andrew Oswald report that winners of a medium-sized prize of between £1000 and £120,000 on Britain’s National Lottery subsequently enjoyed a significant improvement in their psychological well-being compared with others who had only a small win, or no win at all. The difference, in their measurement, is positive 1.4 point. For the reference, being widowed was associated with an average drop in well-being of 5 points. Researcher conclude the 1.4 point positive change enjoyed by medium-sized winners was economically significant and not merely statistically significant.

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9 Comments:

Blogger David said...

An interesting titbit - thanks for sharing.

4:12 AM

 
Blogger s.k.namanny said...

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And I want "workathomelikedaniel" strung up and whipped.

skn

4:30 AM

 
Blogger Baryshnikov Kirill said...

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9:10 AM

 
Blogger Thebodytalk said...

I love your blog. I am gonna add your blog on my blog lists.
By the way, money can things most of the times and most of the things. But not every time and not everything. Winning lottery makes everyone happy cause it's free money with a few investment.

10:22 AM

 
Blogger Giancarlo said...

This comment has been removed by a blog administrator.

10:55 AM

 
Blogger superstar said...

life just a good

1:25 PM

 
Blogger Celal Birader said...

The operative words here are "medium sized prize". When people win telephone number sized prizes it tends to ruin their lives and close relationships. Great blog by the way.

10:22 AM

 
Blogger Mike said...

It has been reported in the past that most people think that if they had twice as much money than they presently had they would be happy. No matter how much the original amoount of money they had.

12:09 AM

 
Blogger Forty_Two said...

Money doesn't buy happiness, but it sure can reduce the influence of deprivations that make one unhappy.

8:29 AM

 

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