While most people seek money in order to buy new things, have more experiences, and live in luxury, scientific studies have shown that money does not necessarily bring happiness when spent on yourself. However, a study by Michael Norton from the Harvard Business School indicated that using your money to give to others was able to make people happier on a vast scale.
Synthesized in a TEDx Cambridge talk, Norton showed through various tests that giving money to charity or helping out those in need was able to greatly improve the mood and general happiness of people in a wide variety of situations. Every time the study was re-tested, the results showed the same thing – giving money to others will enhance your happiness. Therefore, despite what people may say about money not buying happiness, this is not the case. However, you must put money in the right place, rather than spending it on yourself.
Original source: TEDx Cambridge – Michael Norton: Money can buy happiness