Money Creates Happiness? Only If You're Richer Than Your Friends

Most people think that money is the solution to their problems. But that may only be true if they acquire enough money to improve their social rank, according to a new study in Psychological Science.  The study found that a bigger paycheck was not the solution if it did not make the recipients wealthier than their neighbors, friends and colleagues. Researchers from Cardiff and Warwick Universities looked at data on earnings and life satisfaction from seven years of the British Household Panel Survey (BHPS), which is a representative longitudinal sample of British households. read more

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