Some studies suggest that certain mechanisms, such as spending money on others, are equally effective in boosting well-being for both the rich and the poor. The rich, however, have more material resources to spend. Additionally, the quality of social relationships is a strong predictor of happiness, with individuals of higher socioeconomic status typically having better relationships than those of lower status. Lastly, the ability to choose how one spends their time is a key predictor of happiness. While wealthy people may still work long hours, they likely have more control over their time compared to those with less wealth. Higher-quality social relationships, the ability to spend money on others, and greater autonomy in time management may collectively explain why higher income is associated with greater happiness. What is your opinion on the role of wealth in happiness?
Research suggests that while wealth can alleviate certain stresses associated with poverty, beyond a certain point, additional wealth does not necessarily correlate with increased happiness.
Can money buy happiness? Is probably a question we will never have an exact answer. Considering, the phenomenon of happiness, is not a fixed/static state rather a dynamic, continuum that is influenced by multifaceted factors. Even the definition of happiness varies from person to person disregarding whether they are rich or poor. Research has attempted to provide some insights but still only scratch the surface. Even the longest study of happiness from Harvard, had overgeneralised their findings.
Further to this, perhaps we need to also ponder:
Is prolonged happiness good? Would we see the same effects such as health? Where,
Prolonged good health = better quality of life
Prolonged happiness = same effect?
2cent.