By Rosemary Haefner, Vice President of Human Resources for CareerBuilder.com
In today’s consumer-driven society, it’s often assumed that bigger is better (the popularity of the Hummer as a city car is a prime example). So of course, many Americans may believe that the bigger the paycheck, the happier they will be. However recent research suggests that this just isn’t so.The latest buzz in the field of economics points to a myriad of studies examining the link between happiness and wealth. These studies all seek to answer the question: Are richer people happier? Prevailing research suggests no. Obviously if you’re living in poverty, more money probably will increase your level of happiness. But if you are at a good job that supports your lifestyle, would leaving it for a 20 percent salary increase at another company mean a 20 percent increase in your happiness?
Not according to Richard Layard, director of the Centre on Economic Performance at the London School of Economics and author of Happiness: Lessons from a New Science. Layard cites research that implies that although the United States has experienced extensive economic growth since 1950, people today are no happier overall than they were in the 1950s. And this same theory holds true in other wealthy, developed nations, such as Japan and Britain.
Thankfully, today’s flexible working options help ease the work/family balancing act -- a major cause of stress among employees. Work at home arrangements and flexible scheduling has greatly contributed to the happiness of working parents everywhere. But at the end of the day, if your job or your paycheck still leave you searching for your utopia, you need to look elsewhere for internal fulfillment. Inject some happiness in your life in other ways: take up a hobby, start your own business, or train for a marathon.
You may find being richer doesn’t make you happy; rather, being truly happy makes your life richer.
A fun way to test your salary knowledge and compare pay for different professions
