Many people are doing it really tough financially this summer, says financial planner Liz Koh, and it may be some comfort that we now know money and happiness don't always go together.
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"Once you get past about $75,000 a year income, the extra income doesn't really add a lot to your happiness level", she tells Kathryn Ryan.
Research shows that if you truly want to be happy, give to other people, Koh says.
"The act of giving to others creates more happiness than buying things for yourself."
We also know now that the more money people have, the more they lose the ability to savour the simple pleasures of life, she says.
Whatever money you have, the most happy-making ways to spend it will also feed the basic human need for connection.
"It's about spending in a way that will bring you the greatest joy for the greatest length of time", Koh says.
How to break out of a 'toxic money mindset'
However wealthy or poor we are, most people focus too much on working and making money and not enough on having more time to appreciate life.
Photo: Pixabay
Why happiness doesn't cost any money at all
People in societies where money plays a minimal role have some of the highest rates of happiness in the world.
Photo: RNZ/Koroi Hawkins