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Posted: Thursday, 16 May 2013 6:12AM

Study: Money can buy happiness

A new study shows the more money we earn the happier we are.

In 1974 research indicated that once we hit a certain amount of income, happiness leveled off. But this study from the Brookings Institute includes worldwide research debunking that, and despite the old adage, in some cases money can buy happiness.

Click here for the study from Brookings.

Dr. Jeanette Tucker, a Family Economics Specialist with the LSU Ag Center says "Happiness can come from a number of things that money can buy." For example she says money can buy a safe home, better healthcare and overall offer more opportunities.

But she says those who are overly materialistic never are truly happy, because it's never enough. And she says there are generational differences . "Baby boomers are the beginning of the materialistic society, and we've had more opportunities in our lives. (For) Generation X and Millennials, the more iPhones, the more iPads, the more toys they have the more they think they're happy."

Study authors say they think happiness levels rise as income does because with more money comes more choices, but they warn that those who are only focused only on being upwardly mobile are not happy.

Dr. Tucker says what doesn't make people happier is a never-ending quest for more possessions.

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