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This study delves into the age-old debate on whether money can buy happiness, which has been widely discussed and controversial over time. Previous research on the relationship between wealth and happiness has produced contradictory results due to differences in measurements of happiness and income. This study aims to take a leading role in examining the relationship between subjective financial evaluation of financial situation and happiness in Hong Kong, with a focus on perceived satisfaction with household financial situations and comparisons with past living standards. Using data from the World Values Survey, the study found a positive relationship between satisfaction with household’s financial situation and happiness. People who are less satisfied with household’s financial situation have higher odds of feeling unhappy. Additionally, people who believe their living standard is better off than their parents have lower odds of feeling unhappy than people who feel the same.
Xinyi Li (Fri,) studied this question.