Money really can buy happiness, Harvard prof says

11.20 MONEY HAPPINESSBoston, Mass. — (CNN Money) Can money buy happiness? According to the old adage: No.

But a Harvard Business School professor says yes. Consumer spending researcher Michael Norton says it depends on how you spend your money.

He found people generally get more happiness spending money on experiences – like vacations, rather than items like electronics and gadgets.

That’s partially because anticipation of a trip to Europe or a dinner date can make you just as happy as the event itself.

But spending on big ticket items often causes stress and anxiety.

Professor Norton says, “because experiences disappear, they let us make up a reality that was amazing and wonderful, and they make us happier.”

© 2024 KOBI-TV NBC5. All rights reserved unless otherwise stated.

Skip to content