If you talk to someone who has had a hard time in his life, he will tell you that he would like to try an easier and better life, with more money. If you talk to someone who has a comfortable financial life, he will tell you that he has the same problems as everyone else.

We can talk about capitalism, the value of frugal living, the fleeting joy of carrying shopping bags around the house, and the precious moments that cost nothing. And that’s how we end up nowhere. But what do the experts say about this issue? Can money affect happiness and what really defines happiness?

What is happiness?

The definition of true happiness varies from person to person and from era to era. Ancient Greek philosophy talked about bliss and modern psychology about a person’s happiness that often depends on financial security and prosperity, but also on their values.

Of course, people are guided by different values. For some, value lies in power. Others find value in safety or self-care. “A power-driven person may have different financial needs than a security-driven person,” explains mental health counselor Billy Roberts. “These factors can affect a person’s happiness or perception of happiness by changing the amount of money they actually need to feel emotionally satisfied.”

“At the end of the day, the salary should support a lifestyle, based on the worth of each person,” Roberts said, leaving us to wonder.

Does happiness increase with income?

In an article titled “Experienced well-being rises with income, even above $75,000 per year” the author examined the complex relationship between money and well-being. The data suggests that happiness actually increases as a person’s income increases. This means that the more money we make, the happier we become (or rather, we have the means to buy the things or experiences that in turn make us happy).

The article looked at more than 33,000 working adults in the US and more than 1.7 million sample reports, finding a direct link between higher incomes, better daily living and greater life satisfaction overall.

Does poverty affect happiness?

On the other hand, people with low income may experience more stress. Clinical psychologist and psychology professor Margaret Sala, PhD, told Health that poverty can amplify stress. In other words, people with lower income levels may feel more close to negative emotions.

Illness can also be a factor affecting happiness. “The disease can be much worse for those who are poor and cannot seek medical care,” said Dr. Sala. Still, unhelpful responsibilities—such as child care or house cleaning—that those with more comfortable lifestyles often don’t have to worry about could become an aggravating factor in how a low-income person feels.

Does stress affect happiness?

In contrast to the above, Dr Sala reminded that some people with higher salaries may not be able to enjoy small pleasures in life due to stressful and demanding jobs.

A LinkedIn survey from 2018 found that US workers who earn more money experienced significantly higher levels of stress – up to 68% more for those earning more than $200,000 a year. While those higher incomes buy pleasures like nice vacations and restaurant meals, the expert noted that stress can play a key factor in one’s overall happiness.

From a neuroscience perspective, resource scarcity seems to signal to our brains that there is a threat to our survival. In fact, a low standard of living can affect a person’s cognitive function, changing the way they think and reducing performance in verbal memory and reflex speed, according to a 2013 article published in Science.

Can you be happy without money?

If money can’t really buy happiness, how can people be happy with what they have, regardless of their income level? Maybe if we don’t equate money and material goods with our values, we find happiness in things money can’t buy, like quality time and experiences with ourselves and the people we love?

And do people confuse pleasure with happiness? If you buy to eat a piece of cake, you feel pleasure but you cannot say that you are happy. After all, a few minutes later this pleasure is gone. And almost all of us have seen images of people living in makeshift plastic tents with all their possessions fit into a bag with happy, bright smiles. How can someone who has next to nothing be so happy?

Is it because they are grateful for what they have: their life, their family, and that little is enough? After all, not even all the gold on the planet can guarantee the first two. Cliché, but without a doubt true…