Psychologists have found that people who spend their money on simple experiences such as going to the theatre, dining out or taking adventure holidays tend to be happier with their purchases than those who buy material possessions, regardless of how much they spend.
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We don't tend to get bored of happy memories like we do with a material object, said Professor Ryan Howell, a psychologist at San Francisco State University who conducted the study.
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In life experiences, the only thing left afterwards is a memory of the event, but this tended to give people a greater sense of vitality and of being alive, which is satisfying the higher psychological needs that humans have.
Material items did not do that to nearly the same extent.
It is an extension of basic need theory, where purchases that satisfy psychological needs produce the greatest well being. It shows that if you use money in the right way it can make you happy.
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Professor Howell presented the findings at the annual meeting of the Society for Personality and Social Psychology.
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The researchers asked 154 students, who had an average age of 24 and many of whom were also .in full time work, to write about either an object or life experience they had bought recently.
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After writing about the object, the researchers then assessed the participants' levels of happiness and satisfaction.
They found that those who had spent their money on meals, theatre tickets or trips were happier than those who had purchased items like televisions or clothes.
Professor Howell added:
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People still believe that more money will make them happy.
Maybe this belief has held because money is making some people happy some of the time, at least when they spend it on life experiences.
The Sunday Telegraph
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