There is already an abundance of research surrounding the effect that income has on happiness, but what about happiness in relation to spending money on others? Well, it turns out that this might be a way to easily go about trying to increase your own happiness.

Previous studies have shown that spending money on other people, rather than on oneself, is likely to have a more positive impact on personal happiness.

When it comes to spending money on others in an effort to try and boost happiness, researchers suggest that the benefits of giving to others can be witnessed in both the body and brain.

In a previous experiment on the topic, researchers set out to approach 46 people on a school campus and they then would give them either a $5 or $20 bill that they were allowed to spend by the end of the day.

Half of the participants who were approached were told to spend the money on themselves, while those in the other group were told to spend that money on someone else.

After the two groups went out and spent the money, they then reported their happiness levels as part of the experiment. The folks who were assigned with spending money on other people were seen to have a higher prevalence of happiness, compared to those who had to spend the money on themselves.

In a separate exploration on the topic, researchers investigated a firm in Boston who had several employees receive a bonus from work, ranging from $3k to $8k.

After they received their bonus, researchers questioned them about how they spent the money and it turns out that those who spent the funds on more selfless endeavors, reported being happier than those who had decided to spend it on themselves.

When it comes to those living in the U.S. and other first world nations around the world, the emotional benefit that people there receive from giving to others might be more than say someone living in poverty from Venezuela or Nigeria for example might experience. This might be assumed to be the case because of the discrepancy between the standard of living.

however...

In other research that has sought to investigate the relationship between spending money on others and the potential for emotional benefits that can be reaped, looking at roughly 136 different countries, it was seen that there is a positive relationship between personal happiness and giving to others.

Researchers suggest that by opting to spend money on other people, that we are fostering a deeper connection with them and initiating a conversation, and this is what contributes to bringing about more happiness. And not only can it possibly foster new and stronger relationships, but it is also said to be beneficial in boosting self-esteem and promoting more overall inner peace.

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All material on this post is provided for information purposes only and may not be construed as medical advice or instruction, diagnosis, or treatment. If an individual has a medical concern, no action or inaction should be taken based on the information provided in this post. He or she should always consult with their own appropriately-licensed physician or other health care specialist.

Sources:
https://dash.harvard.edu/bitstream/handle/1/11189976/dunn,%20aknin,%20norton_prosocial_cdips.pdf?sequence=1
https://www.ncbi.nlm.nih.gov/pubmed/18356530
https://www.forbes.com/sites/hbsworkingknowledge/2013/08/21/to-buy-happiness-spend-money-on-others/#11769fbb7664
http://www.huffingtonpost.com/2016/12/12/international-day-of-happiness-helping-_n_6905446.html