what does more money get you?

[KP]

The four strongest factors in life satisfaction (in order) over the course of a life are generally money, health, social ties and psychological resilience.

Below roughly age 65, income is a better predictor of life satisfaction than health; after 65, health becomes more important, in the agregate population. Of course, the effects of health in these studies are mostly negative (“good health” is considered normal, ill health detracts from happiness) and depending on the measure, may not go appreciably above baseline (medical studies don’t generally give “extra credit” for being a 70 year old yoga master and aerobics instructor who could pass for 30; the presence of absence of disease is a more easily and reliably quantifiable benchmark), while finances can go well above the baseline, and may offer tangible and meaningful benefits – not just “toys” but more options for medical care even beyond the point of diminishing returns, personal trainers to help you maintain fitness, etc…

Family income (as opposed to personal income) can help inachieving a higher level of education, and several other factors which correlate positively with satisfaction, independently of the additional income, status and social contact they may bring. Family income also purchases more options and flexibility in finding solutions to crises with a strong negative impact on domestic and life satisfaction.

Actually,If I try to put it in words, I’ll only end up applying my own bias, or my moods and thoughts at the moment. Instead, I’ll just cite some papers at random. If you check out the bibliographies of these papers (and the bibliographies of the papers those papers cite) you might get closer to the truth. At the very least, you’ll get some ideas for search terms to use. You can also use Science Citations to find papers that cite papers you find particularly useful (e.g. follow-ups, responses, related research)

Evaluation of the life satisfaction questionnaire (LSQ) using structural equation modelling (SEM). Carlsson M, Hamrin E. Qual Life Res. 2002 Aug;11(5):415-25.
The relative effects of health and income on life satisfaction. Spreitzer E, Snyder E, Larson D. Int J Aging Hum Dev. 1979-80;10(3):283-8.
Social capital, SES and health: an individual-level analysis. Veenstra G. Soc Sci Med. 2000 Mar;50(5):619-29.
Race, socioeconomic status, and the subjective well-being of older Americans. McKenzie B, Campbell J. Int J Aging Hum Dev. 1987;25(1):43-61
Resilience and successful aging. Comparison among low and high income older adults. Wagnild G. J Gerontol Nurs. 2003 Dec;29(12):42-9.

[Bill_H]

drhess wrote

1. It’s not a stupid question, but I don’t have the time or motivation to explain science to you

Sorry, the word I used (“silly”) was the wrong one, as I didn’t mean to imply it was a stupid question. A better word would have been “philosophical.”

is there evidence that you live longer, die less painfully, have better behaved or happier kids or marriage, lead a happier life, feel less stressed overall, etc.?

If you’ve ever experienced two or more different levels of wealth, you’ll know the answer. And if you have existed in one financial strata all your life, you still intuitively know it. Like the man said, “I been rich and I been poor and rich is better.”

[MaryEFoo]

Sorry, can’t provide a cite, but I have seen several references over time to studies showing a correlation between income and life expectancy: those who have more money live longer. These involved populations in the United States.

One at least referred specifically to infant death rate.

You could try the Feds and try correlating income and the other factors of interest. What you would be doing would not be a proper scientific study, just correlations, but it might be of interest regardless.

[The_Devil_s_Grandmother]

In America money and/or a decent job are the *only * things getting you proper healthcare. That *must * add up in both adult longevity and infant survival.

[Loopydude]

A place to keep your stuff while you go out and get more stuff.

[ccwaterback]

Expenses rise to meet income. – Anon.

[Manduck]

Savings. If your income goes up and you don’t change your lifestyle, you can accumulate savings, so that if an emergency hits, you will be able to handle it. You will sleep easier.

[drhess]

@KP

The four strongest factors in life satisfaction (in order) over the course of a life are generally money, health, social ties and psychological resilience.

Below roughly age 65, income is a better predictor of life satisfaction than health; after 65, health becomes more important, in the agregate population. Of course, the effects of health in these studies are mostly negative (“good health” is considered normal, ill health detracts from happiness) and depending on the measure, may not go appreciably above baseline (medical studies don’t generally give “extra credit” for being a 70 year old yoga master and aerobics instructor who could pass for 30; the presence of absence of disease is a more easily and reliably quantifiable benchmark), while finances can go well above the baseline, and may offer tangible and meaningful benefits – not just “toys” but more options for medical care even beyond the point of diminishing returns, personal trainers to help you maintain fitness, etc…

Family income (as opposed to personal income) can help inachieving a higher level of education, and several other factors which correlate positively with satisfaction, independently of the additional income, status and social contact they may bring. Family income also purchases more options and flexibility in finding solutions to crises with a strong negative impact on domestic and life satisfaction.

Actually,If I try to put it in words, I’ll only end up applying my own bias, or my moods and thoughts at the moment. Instead, I’ll just cite some papers at random. If you check out the bibliographies of these papers (and the bibliographies of the papers those papers cite) you might get closer to the truth. At the very least, you’ll get some ideas for search terms to use. You can also use Science Citations to find papers that cite papers you find particularly useful (e.g. follow-ups, responses, related research)

Evaluation of the life satisfaction questionnaire (LSQ) using structural equation modelling (SEM). Carlsson M, Hamrin E. Qual Life Res. 2002 Aug;11(5):415-25.
The relative effects of health and income on life satisfaction. Spreitzer E, Snyder E, Larson D. Int J Aging Hum Dev. 1979-80;10(3):283-8.
Social capital, SES and health: an individual-level analysis. Veenstra G. Soc Sci Med. 2000 Mar;50(5):619-29.
Race, socioeconomic status, and the subjective well-being of older Americans. McKenzie B, Campbell J. Int J Aging Hum Dev. 1987;25(1):43-61
Resilience and successful aging. Comparison among low and high income older adults. Wagnild G. J Gerontol Nurs. 2003 Dec;29(12):42-9.

Thanks! Do you know off hand how they measure satisfaction? Or is it all over the road?

Thanks again for your work putting that together!