Sunday, December 27, 2009

Psychological Therapy 32 Times More Cost Effective at Increasing Happiness Than Money

Of course, the people in the subject were comfortable enough to be able to afford to visit a psychologist. Studies, and personal experience, show that more money does bring more happiness for the poor.


http://www.sciencedaily.com/releases/2009/11/091120084613.htm

ScienceDaily (Nov. 21, 2009) — Research by the University of Warwick and the University of Manchester finds that psychological therapy could be 32 times more cost effective at making you happy than simply obtaining more money. The research has obvious implications for large compensation awards in law courts but also has wider implications for general public health.

Chris Boyce of the University of Warwick and Alex Wood of the University of Manchester compared large data sets where 1000s of people had reported on their well-being. They then looked at how well-being changed due to therapy compared to getting sudden increases in income, such as through lottery wins or pay rises. They found that a 4 month course of psychological therapy had a large effect on well-being. They then showed that the increase in well-being from an £800 course of therapy was so large that it would take a pay rise of over £25,000 to achieve an equivalent increase in well-being. The research therefore demonstrates that psychological therapy could be 32 times more cost effective at making you happy than simply obtaining more money.

----- (skipping. Good reading)

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