o   Meta-analysis found a .17 correlation between income and happiness. More influential when absolute income is low (Myers, 2000). 

o   Absolute income may be less important than how personal income ranks within one's own comparison group, so increasing income won't help unless your rank changes (which is at expense of others' happiness) (Boyce et al., 2010)

o   Money appears to inhibit savouring positive emotions and experiences, which undermines the positive effect of money on happiness (Guodbach et al., 2010)

o   However, spending on products that match personality (e.g. openness - cinemas; agreeableness - charity) associated with life satisfaction (Matz et al., 2016)

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Injection of income:

o   Little difference in happiness of lottery winners and those who had lost a limb (Brickman et al., 1978). 

o   However, in contrast, Gardner and Oswald (2006) found an improvement in well-being 2 years after a medium-sized lottery win

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