21 Nov Psychological Therapy 32 Times More Cost Effective at Increasing Happiness Than Money
ScienceDaily (Nov. 21, 2009) _ã” Research by the University of Warwick and the University of Manchester finds that psychological therapy could be 32 times more cost effective at making you happy than simply obtaining more money. The research has obvious implications for large compensation awards in law courts but also has wider implications for general public health.
Chris Boyce of the University of Warwick and Alex Wood of the University of Manchester compared large data sets where 1000s of people had reported on their well-being (including happiness). They then looked at how well-being changed due to therapy compared to getting sudden increases in income, such as through lottery wins or pay rises. They found that a 4 month course of psychological therapy had a large effect on well-being and happiness. They then showed that the increase in well-being from an Ô£800 course of therapy was so large that it would take a pay rise of over Ô£25,000 to achieve an equivalent increase in well-being. The research therefore demonstrates that psychological therapy could be 32 times more cost effective at making you happy than simply obtaining more money.
Want to read more about finding happiness through psychological therapy (not money) – click here