Final answer:
Despite common belief, wealth does not directly proportionate with happiness. Research suggests that simply possessing money does not ensure increased levels of happiness, but using it for experiences and helping others may. The act of giving and spending on experiences tends to enrich our lives, increase satisfaction, and thus, may result in happiness.
Step-by-step explanation:
Research in the field of psychology has shown that the association of money with happiness is complex and depends on how the money is used. It is suggested that money doesn't necessarily buy happiness in the terms of directly increasing your happiness levels simply by possessing it. For instance, as per studies by Quoidbach, J., Dunn, E. W., Petrides, K. V., & Mikolajczak, M. (2010) and Johnson, W., & Krueger, R. F. (2006), although income grew, people's happiness did not increase proportionally. Especially rich people reported that even though they had abundant wealth, their level of happiness remained relatively stable.
Here, the answer to the question, 'money buys happiness unless' can be: You spend it on experiences and helping others. This is supported by multiple studies which suggest that spending money on experiences and helping others, rather than on just accumulating possessions, can lead to an increase in happiness levels. This is partly because experiences enrich our lives and help us build memories and skills, and altruistic actions are often associated with psychological rewards like happiness and satisfaction.
Learn more about Money and Happiness