Justin Wolfers is one of the researchers from the University of Pennsylvania who has uncovered some surprising findings about how money affects happiness. Here, the associate professor of business and public policy explains some of their discoveries - and how they might affect you.
What shortcomings did you find with the original research on money and happiness?
When the original researcher compared rich and poor countries, he failed to find evidence that people in richer countries were on average happier than poorer countries. The problem was that he was examining only a dozen countries, and most of them were fairly rich. We now have data on over 150 countries around the world.
And what were your findings?
It's now clear: people in rich countries are happier than people in poor countries. Indeed, it's a remarkably powerful correlation.
How does more money affect how happy people feel?
We don't know exactly how money translates into happiness. In fact, it may not be money. It may be that the levels of economic development that rich countries enjoy give their people wonderful new choices about how to live their lives. So perhaps it is the extra potential that we each have - that we may choose to express in different ways - that makes us happy.
Give an example.
For instance, I didn't choose the job that made me the richest. But being in a rich country, I had some wonderful options, including a very fulfilling life as an economics researcher.
Is there another way to think about this?
The other way is to think about some of the misery that money helps us to avoid. We are rarely sick; we have access to clean water, good food and medication. Child mortality is incredibly rare in rich countries, but tragically common in poor countries. We are free of fear about where our next meal is coming from.
How does money boost your own happiness?
For me, money is helpful because it reduces fear and anxiety. I know my family and I are safe, housed and well fed. The other thing that money allows me to do is to make choices, including the choices to follow my passions.
UAE currency: the story behind the money in your pockets
The view from The National
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Three trading apps to try
Sharad Nair recommends three investment apps for UAE residents:
- For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
- If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
- Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
THE BIO
Age: 30
Favourite book: The Power of Habit
Favourite quote: "The world is full of good people, if you cannot find one, be one"
Favourite exercise: The snatch
Favourite colour: Blue
Indoor cricket in a nutshell
Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full