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Once daily needs are met, income has only a small effect on happiness, according to many studies. As income increases, people tend to spend it on things, such as costly consumer products, that don’t provide lasting happiness. Although happiness is fostered by helping others, spending time with others, and donating money, striving to increase wealth makes people less likely to engage in these activities.
Investigators examined the relation between happiness and prosocial spending (spending on others). First, they interviewed a representative sample of 632 Americans and found that although personal spending was unrelated to happiness, greater prosocial spending was significantly associated with greater happiness (P<0.001). The researchers then…