Money can buy happiness but it's costly to bank on that without measuring debt

https://www.eurekalert.org/pub_releases/2016-10/pu-pmc102616.php

Public Release: 26-Oct-2016
Prof: Money can buy happiness but it's costly to bank on that without measuring debt
Purdue University

Yes, money can lead to happiness, but how much debt one has should also be considered in the money-happiness equation, according to a new a study from Purdue University.

"There has been a lot of research looking at whether and how income makes people happy in life, but few studies have examined whether debt can detract from happiness. We found that carrying student loan debt is almost as important as income in predicting financial worry and life satisfaction," said Louis Tay, an assistant professor of psychological sciences, who studies the effects of income and money on happiness.

The study's results are published in the Journal of Happiness Studies. The survey results are from the Gallup-Purdue Index, which provides a measure of how college graduates are doing on five key dimensions of well-being: purpose, social, physical, financial and community. Tay also is member of the committee evaluating results of the ongoing survey.

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