A new study has thrown the age-old adage “Money can’t buy you happiness” on its head. And it’s not good news for the growing lower class who are being left behind due to the ever-increasing wealth gap.
The study, by researchers Jean M. Twenge and A. Bell Cooper, was published this month by the American Psychological Association. It shows that there is a growing class divide in happiness in the U.S.
By looking at findings in the General Social Survey (N = 44,198), Twenge and Cooper found a positive correlation between socioeconomic status (including income, education, and occupational prestige) and happiness, which grew steadily stronger between the 1970s and 2010s.
Previous studies have shown that after a certain income level, there is no measurable rise in happiness. However, contrary to earlier research, this study showed no tapering off of happiness levels at higher levels of income.
Over 40 years, the happiness levels of high wealth individuals have been consistent, whereas the happiness levels of poorer individuals have slowly declined, according to the research.
In an interview with The Washington Post, Twenge said the link between income and happiness is stronger now than in previous decades. Also, the decrease in happiness among lower-income people may be a result of rising inequality, increasing real estate values and decreased ability to pay for education.
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