To What Extent Does Money "Buy" Happiness? – Part II

The Study Itself, on a Romanian Population

The study included 259 participants, aged between 20 and 63, with an average income of 4,000 RON/month.

Study Results

Among the results of my study worth highlighting is the fact that young people between 20 and 30 years old score significantly higher on non-integrated reasons for making money than adults over 40.

One possible explanation for these results could be that, once a level of financial security is reached, younger generations place importance on values related to the need for belonging, aesthetic needs, and intellectual needs (Inglehart, 2018).

Or it could be that young people, still on the path of learning and self-discovery, haven't yet identified a clear set of values. They may also be influenced by certain social media trends, where everyone presents their "best possible self."

Also, according to Eurostat data from 2021, in Romania — more than in other EU countries — young people tend to stay living with their parents well into adulthood, which reinforces dependence. And because they don't face life's hardships and haven't experienced what it means to fend for themselves, they're more inclined to want money for non-integrated reasons rather than reasons aligned with their true values.

Relative Income and Life Satisfaction Among Romanians

Furthermore, the results show that people who "make money" for non-integrated reasons are less self-determined. That is, they feel less autonomous, less competent, and have fewer fulfilling relationships.

One possible explanation for this may also be that Romanians place importance on relative income, beyond its absolute value, by asking themselves: "how much do I have compared to others?" — and the perceived gap between an individual and others triggers dissatisfaction.

An interesting finding of the study is this: making money for self-integrated reasons, ones aligned with your true values, does not increase your level of life satisfaction, because once you've reached a certain level of financial security, other things contribute to a sense of fulfillment.

These results run counter to similar studies from other countries, where pursuing financial gains for psychological growth in a healthy way — through relaxation, freedom, charity, pride, and market value — can lead individuals to experience higher levels of competence, autonomy, and relatedness.

Conclusions and Recommendations

It seems that, regardless of income, the results don't change significantly — it's more a matter of mindset, of what you truly want, and of what you want to do with your money.

Also, pay close attention to the real reasons why you make money. Notice what you usually tell yourself when it comes to money — whether it's about being in "competition" with others, or about having a sense of power.

Personally, I believe we need money to have peace of mind and the freedom to choose what we want to do. That reduces certain kinds of suffering and frustration, but it doesn't bring full joy and fulfillment, because other factors come into play — factors that differ from person to person. Ideally, you'd start from your values, from who you are beyond what you show the world, and from what you truly want. Then you'd see what role money plays in all of that — because, in the end, money is just a tool.

The Gap Between Stated Needs and Personal Values

From what I keep hearing and observing in coaching sessions, people want peace of mind and to do what they feel in the depths of their souls.

Whether it's a business they run out of passion, a job that pushes them to become the best version of themselves, or maybe they want to help their family — the results are different when you do the same things for different reasons that you own consciously. I say consciously because, for most of us, early experiences left their mark without us realizing it. As a result, we end up pursuing goals that aren't really ours, or that don't match who we are. That's why I recommend an honest, personal look at what you actually want versus what you're currently doing.

What we say is one thing, and what we do is another 🙂

We make our decisions on an emotional level, even if we later find rational justifications and arguments for the choices we make 🙂

To close, I'll leave you with a question to reflect on, keeping in mind money and the reasons why you make it:

What is the story you tell yourself about who you are, and what part of it is wrong or untrue?

If you haven't read the first part of this study, read it here: To What Extent Does Money "Buy" Happiness – Part I

Take care,
Raluca