Final answer:
Philosophical and religious traditions like Buddhism and Stoicism, as well as modern psychological research, suggest that happiness is not predicated on material wealth or external circumstances but rather on inner peace, contentment, and virtuous living.
Step-by-step explanation:
Several philosophical and religious traditions believe that external circumstances, including material goods, are not important to a person's happiness. Notably, Buddhism suggests that happiness comes from within and not from external possessions. The teachings of Buddha counsel the pursuit of enlightenment and inner peace over material wealth. Similarly, various philosophers, including Stoics like Seneca and Epictetus, have argued that contentment and virtue are crucial for happiness, rather than external wealth and possessions.
Research in psychology has often delved into the relationship between wealth and well-being. Findings suggest that while material prosperity can predict life evaluations, it is psychosocial prosperity that leads to genuinely positive feelings. When people face life's ultimate challenges, such as impending death, many reflect on their moral choices and relationships over their accumulated wealth, seeking validation in the worthy life led according to their sense of morality rather than in material achievements.
Consumerism in affluent societies can give temporary enjoyment and act as a response to various stressors, providing a sense of immediate pleasure. Nonetheless, this does not equate to long-term fulfillment or happiness. The constant pursuit of consumer goods may also lead to negative consequences like environmental damage and an increased sense of inequality, which further challenges the importance of material wealth in achieving true happiness.