Money can actually buy happiness, says new scientific study

'Money can't buy happiness' is a familiar quote that is often used to make a one understand that there is more to life than just wealth.

Many people actually believe in the age-old myth and lead a life that is never defined by their wealth. On the other hand, there are people who get all their heart's desires by spending a lot of money, which eventually leads to happiness.

But what are we supposed to believe?

A new scientific study, set out to dispel the age-old saying, has found that money actually can buy happiness.

The popular study that no amount of money that one earns above $75,000 (Rs 54 lakhs) per year will make them happier. However, the new research debunks this.

Then new study 'Experienced well-being rises with income, even above $75,000 per year' says that higher incomes are associated with both feelings better and being more satisfied with life.

The study about earning $75,000 a year for happiness was conducted by some top economists, who decided that happiness will be at a peak at that much income per month.

The study added that income less than $75k would increase sadness. However, it also concluded that earning more than that would not increase happiness.

The new research proves that happiness increases past the $75k level.

"Past research has found that experienced well-being does not increase above incomes of $75,000/y. This finding has been the focus of substantial attention from researchers and the general public, yet is based on a dataset with a measure of experienced well-being that may or may not be indicative of actual emotional experience (retrospective, dichotomous reports)," the study states.

"There was no evidence of an income threshold at which experienced and evaluative well-being diverged, suggesting that higher incomes are associated with both feeling better day-to-day and being more satisfied with life overall," it adds.

The study, conducted by a senior fellow at Wharton School for Business at the University of Pennsylvania, was based on 1,725,994 samples which were pulled from employed adults in the US.