Research from the universities of Warwick and Manchester suggests psychological therapy may be 32 times more cost effective in terms of making you happier than cold hard cash.
The researchers studied large groups of people (several thousand apparently) who had reported on their well-being and then analysed how that well-being changed due to getting therapy compared to getting sudden increases in income.
They found that an £800 4-month course of therapy had such a big effect on well-being it would take a £25,000 pay rise to achieve an equivalent effect.
I've not seen the full research, which is to be published in the journal Health Economics, Policy and Law, only the press release, but it sounds interesting.
The researchers go on to point out that over the the past 50 years developed nations have not seen any increase in overall happiness despite huge increases in national income.
They found that an £800 4-month course of therapy had such a big effect on well-being it would take a £25,000 pay rise to achieve an equivalent effect.
I've not seen the full research, which is to be published in the journal Health Economics, Policy and Law, only the press release, but it sounds interesting.
The researchers go on to point out that over the the past 50 years developed nations have not seen any increase in overall happiness despite huge increases in national income.
I suspect these were people who were in employment - as opposed to people struggling on benefits - who could actually desperately do with a pay rise!
Another 3 course meal of fresh air anyone?!
Hi Karen
You're absolutely right - I think these survey always assume a basic level of income has been met.
Karen said exactly what I was going to say! Although I do not doubt the effectiveness of therapy, there's a certain amount of unexamined privilege going on in studies like this.
Hi Violet, to be fair I haven't read the full survey and the researchers may well make allowances for initial income level - extra income would obviously have less impact the more you have to start with
I know that it has not been published yet but this type of report should come with proper referencing so that people can track down the research and evaluate the validity/ credibility and so on.
FWIW I think that winning a large amount of money enables people to suffer in a greater degree of comfort. They may even be able to pay for some therapy on top to help them cope with their issues.