Money can buy happiness, reveals a new study by Nobel-prize winning economist

You must have heard about an adage “Money can’t buy happiness” which basically means happiness comes from within but now a new study contradicts this by saying that happiness increases with a hike in earnings and income.

The research conducted by Daniel Kahneman and Matthew Killingsworth, from Princeton University and the University of Pennsylvania respectively found that happiness tends to rise with increase in income and earnings.

In 2010, Kahneman showed in his research that the trend generally stops after an individual's income reaches close to $75,000. However, this new study revealed that happiness does increase with more money even after incomes exceed $75,000.

The new study which was published in the Proceedings of the National Academy of Sciences took a survey from 33,391 people in the US aged between 18 and 65. They had a total income of at least $10,000 a year.

Both the researchers recorded people’s feelings at random times via a smartphone app and it ranged from "very bad" to "very good".

Later, they drew a comparison between these feelings and realised that people with a salary of  up to $500,000 a year were overall very happy, reported CBS.

However, Killingsowrth warned in a statement that money isn't everything - "just one of the many determinants of happiness. Money is not the secret to happiness, but it can probably help a bit."

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