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 Session 9: Money and happiness

Session 9: Money and happiness

Course conclusion

Two people holding money and dancing, surrounded by icons of wealth and happiness.

So far in the course, you have learned what money is and how you may think about spending and investing it. But an important question is this – does money make people happy?

Several studies have tried to answer this question. However, the results of this research are somewhat inconclusive.

For example, some studies suggest that an increase in the amount of money that people have does seem to increase their self-reported level of happiness. Other studies find no association between money and happiness. Also, a change in happiness due to money is usually not long-lasting.

It could be argued that serious money-related difficulties can create worries and stress, and, therefore, reduce happiness. Also, people may compare their wealth with that of their peers and friends. This comparison may also affect happiness.

Overall, the link between money and happiness is very complex. The short video below may help you to reflect on the relationship between money and happiness.

Something to talk about - money and happiness

Timing: Allow 5 minutes

Watch this video in which two people try to answer the following question: Can money buy you happiness?

Use the box below to answer the following questions (or write them down in your notepad):

  1. Why is money important?

  2. Is money essential to be happy?

  3. How can you use money to make others happy?

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Course digital badge

If you enrolled on the course, a digital badge and course certificate will now be awarded if you have completed all nine sessions of the course.

Want to know more?

 

This has been a short course on financial education.

If you would like to know more about the subject, you may wish to visit other free (at the time of writing) online resources.

 

I want to know more.

Acknowledgements

Grateful acknowledgement is made to the following sources:

Every effort has been made to contact copyright holders. If any have been inadvertently overlooked the publishers will be pleased to make the necessary arrangements at the first opportunity.

Important: *** against any of the acknowledgements below means that the wording has been dictated by the rights holder/publisher, and cannot be changed.

Images:

565860: Image: Man and woman holding cash: inspiring.team / Shutterstock

565856: Image: I want to know more: FotoIdee / Shutterstock

Weblinks:

VexClean UK V72 B10 16x9 VO1 (embedded Can Money Buy Your Happiness? | Hannah . & Diya . | TEDxSuttonHighSchoolGDST)

Managing my money for young adults | OpenLearn - Open University

Financial education

https://gflec.org/education/personal-finance-course

InvestSmart | FCA

Money and Me | Bank of England

 Session 9: Money and happiness

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