In this month’s financial wellbeing column, Chris Budd looks at whether money creates happiness and offers a challenge to financial advisers…
Can money make you happy? Is a question about which everyone seems to have an opinion. Some will say yes; just look at people who have nothing and compare their happiness with people who have lots. Others will say no; some of the poorest areas of the world show the greatest happiness, and some of the richest people are the least happy. Research tells us that, as with most things in life, the answer is a bit of both. But mainly the latter. Maslow and money Let's start where many would, Maslow's Hierarchy of Needs. This theory states that you need to have your basic needs met (...
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