Study: Spending money makes you happier, but there's a catch

3 months 3 days 15 hours ago Tuesday, October 17 2017 Oct 17, 2017 Tuesday, October 17, 2017 5:06:00 PM CDT October 17, 2017 in News
By: Lauren Magarino, KOMU 8 Reporter
loading

COLUMBIA -  New television or cleaning service? New shoes or lawn care? A new study suggests time-saving purchases make people happier than spending money on material goods.

The study, published in the Proceedings of the National Academy of Sciences, was done by researchers who wanted to address the “unexamined route from wealth to well-being.” 

"Around the world, increases in wealth have produced an unintended consequence: a rising sense of time scarcity,” researchers said. "We provide evidence that using money to buy time can provide a buffer against this time famine, thereby promoting happiness.”

 The study was a compilation of eight different experiments, with sample groups from the United States, Canada, Denmark and the Netherlands.  

 Researches gave one group two payments of $40 to spend on two weekends. The first weekend they could only spend it on time-saving services. The second weekend they could spend it on material purchases. 

“You can definitely infer cause and effect from this particular study. They found that spending money on saving time led to a higher level of happiness," psychologist Milla Titova said. 

Titova said the way the researchers measured happiness came down to something pretty simple.

"People just felt better at the end of the day," she said. 

People in Columbia had different opinions when asked what purchase makes them happier. 

Grace Shemwell said she believes in spending on time-saving services. 

“Time is very important to me. I don't have a lot of it, and what I do have I like to spend with people and with friends or sometimes just home alone. So you know, if I can turn my dry cleaning in somewhere else, I would rather do that,” Shemwell said. 

 Omar Bilal said saving time is not a priority for him.

"I do it myself. It's not really that hard."

Then there were those who felt their choice could go either way depending on circumstances.

Bryce Null said, “If my bank account looks really good one week, then yeah I may spend the extra money on the time-saving service. If the bank account is a little bit lower then I'll probably do something myself.”

Researchers said they did take income into account.

Psychology Professor Kennon Sheldon said it's an important factor.

 “As a concrete example, my wife swears she gets a giant boost from paying somebody to clean our house. But you might ask: is that just a result of the fact that we now have enough money to pay for house cleaning, whereas we were broke for a long time?” 

Titova said the researcher's methods were solid.

 "Some of their samples were representative. Technically when you get a representative sample it should match the overall demographics of the country. Their representative sample was American, so it should be the same level as overall average income in America," she said. 

While the study did pass both psychologist's income test, Titova said one thing was left to note. 

“Time-saving service should target something that we really dislike to do. So it's not only saving us time, which is precious in itself, but also helps avoiding a disliked activity. So it's kind of a two-in-one here. You're avoiding doing something you dislike, and you felt a lot less stressed because you don't have that time-crushing experience," Titova said.  

 

More News

Grid
List
JEFFERSON CITY (AP) — Missouri Gov. Eric Greitens said there was no blackmail or threatened violence in an extramarital... More >>
2 hours ago Saturday, January 20 2018 Jan 20, 2018 Saturday, January 20, 2018 1:09:00 PM CST January 20, 2018 in News
KANSAS CITY, Mo. (AP) — Kansas City police have made an arrest in a double shooting that left a 46-year-old... More >>
2 hours ago Saturday, January 20 2018 Jan 20, 2018 Saturday, January 20, 2018 12:49:41 PM CST January 20, 2018 in News
SEDALIA - The Pettis County prosecutor has issued a warrant for the arrest of a man in connection to the... More >>
2 hours ago Saturday, January 20 2018 Jan 20, 2018 Saturday, January 20, 2018 12:33:00 PM CST January 20, 2018 in News
ST. LOUIS (AP) — Coyote sightings are becoming more frequent in the St. Louis area, and some are strolling down... More >>
4 hours ago Saturday, January 20 2018 Jan 20, 2018 Saturday, January 20, 2018 10:37:36 AM CST January 20, 2018 in News
ST. LOUIS (AP) — The number of confirmed cases of chronic wasting disease in Missouri deer is up, but... More >>
4 hours ago Saturday, January 20 2018 Jan 20, 2018 Saturday, January 20, 2018 10:26:00 AM CST January 20, 2018 in News
RICHMOND, Va. - The Federal Bureau of Investigation is asking for the public's help with identifying a serial robber called... More >>
5 hours ago Saturday, January 20 2018 Jan 20, 2018 Saturday, January 20, 2018 9:59:00 AM CST January 20, 2018 in News
CHARITON COUNTY -- Alonzo Bernard Thorpe of Clark, Missouri was found guilty of eight counts of child molestation and two... More >>
7 hours ago Saturday, January 20 2018 Jan 20, 2018 Saturday, January 20, 2018 7:38:00 AM CST January 20, 2018 in News
WASHINGTON (CNN) -- In the final moments leading up to Friday's midnight deadline, Senate Republicans and Democrats were unable to... More >>
10 hours ago Saturday, January 20 2018 Jan 20, 2018 Saturday, January 20, 2018 5:00:00 AM CST January 20, 2018 in News
(CNN) - The FBI recently opened an inquiry into Missouri Gov. Eric Greitens, two US officials told CNN, as he... More >>
17 hours ago Friday, January 19 2018 Jan 19, 2018 Friday, January 19, 2018 9:19:05 PM CST January 19, 2018 in Continuous News
COLUMBIA - A visiting MU researcher is working to fight cancer with blueberries - specifically the extract of the fruit.... More >>
19 hours ago Friday, January 19 2018 Jan 19, 2018 Friday, January 19, 2018 8:06:00 PM CST January 19, 2018 in News
COLUMBIA - Some facilities in the state may be required to hang posters with information about human trafficking by the... More >>
20 hours ago Friday, January 19 2018 Jan 19, 2018 Friday, January 19, 2018 6:43:00 PM CST January 19, 2018 in News
JEFFERSON CITY (AP) — Missouri offered Amazon nearly $2.5 billion in incentives over 10 years in a bid to... More >>
21 hours ago Friday, January 19 2018 Jan 19, 2018 Friday, January 19, 2018 5:25:09 PM CST January 19, 2018 in News
COLUMBIA - Show-Me State Games will be hosting its last MFA Oil - Break Time Shootout on Saturday. It is... More >>
22 hours ago Friday, January 19 2018 Jan 19, 2018 Friday, January 19, 2018 4:26:00 PM CST January 19, 2018 in News
COLUMBIA - Researchers at the University of Missouri have found that 80 percent of state students who needed treatment for... More >>
23 hours ago Friday, January 19 2018 Jan 19, 2018 Friday, January 19, 2018 4:09:00 PM CST January 19, 2018 in News
COLUMBIA - Campaign finance reports revealed Governor Eric Greitens' campaign operation has been leasing space in the same complex as... More >>
23 hours ago Friday, January 19 2018 Jan 19, 2018 Friday, January 19, 2018 4:03:00 PM CST January 19, 2018 in News
COLUMBIA- The annual blood drive for fallen officer Molly Bowden came at a time when collecting blood is vital. ... More >>
23 hours ago Friday, January 19 2018 Jan 19, 2018 Friday, January 19, 2018 3:56:00 PM CST January 19, 2018 in Continuous News
COLUMBIA- A federal judge sentenced a man to more than 20 years in prison Friday for exploiting several children under... More >>
1 day ago Friday, January 19 2018 Jan 19, 2018 Friday, January 19, 2018 2:37:00 PM CST January 19, 2018 in News
COLUMBIA- While the government heads toward a possible partial shut down many government agencies in mid-Missouri will remain open. ... More >>
1 day ago Friday, January 19 2018 Jan 19, 2018 Friday, January 19, 2018 2:23:00 PM CST January 19, 2018 in News
Columbia, MO
Broken Clouds 54°
4pm 49°
5pm 48°
6pm 45°
7pm 47°

Select a station to view its upcoming schedule:

Coming Up Next

3:00p
USSA Skiing and Snowboarding
4:00p
USSA Skiing and Snowboarding
5:00p
Jeopardy!
3:00p
Elementary
4:00p
Elementary
5:00p
Sheriffs El Dorado County

Tonight's Schedule

7:00p
Will & Grace
7:30p
Superstore
8:00p
Dateline NBC
9:00p
Saturday Night Live
7:00p
Family Guy
7:30p
Family Guy
8:00p
Bob's Burgers
8:30p
Bob's Burgers
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld