However, according to the most recent research, it turns out that this assumption is completely wrong. Dr. Thomas Gilovich, a psychology professor at Cornell University who has been studying the question of money and happiness for over two decades suggests , rather than buying the latest iPhone or a new BMW you 'll get more happiness spending money on experiences like going to art exhibits, learning a new skill, or traveling. Gilovich 's findings are the composition of psychological studies conducted by him and others into the Easterlin paradox. Which is a composition of studies that have found that money can buy happiness, but only up to a point. How adaptation and time affects happiness, was measured in a study that asked individuals to self-report their happiness with both major material and experiential purchases. Initially, their happiness with the purchased objects and experiences were ranked about the same. But over time, people 's satisfaction with the things they bought went down, while their satisfaction with experiences they purchased went up. Ironically, the fact that a material thing is always present actually works against it, making it easier to adapt to. It slowly but surely fades into the background and becomes part of the new normal of our everyday lives. In contrast, while …show more content…
Although it often sounds overdone and trite, studies do indicate that the new generations are becoming more focused on gaining new possessions than ever before. Modern day society has become too materialistic. In one recent study, the researchers tested a group of 18-year-olds, and then retested them 12 years later. They were asked to rank the importance of different goals – jobs, money and status on one side, and self-acceptance, fellow feeling and belonging on the other. Then they were given a standard diagnostic test to identify mental health problems. At the ages of both 18 and 30, the materialistically driven individuals were more susceptible to mental disorders and other mental issues problems. But if during that same time period they had become more focused on caring for others and less focused on money- their happiness level dramatically increased. less materialistic, they became happier. Similar findings were published in a paper in the Journal of Consumer Research, where researchers studied 2,500 people for six years. It found a two-way relationship between materialism and loneliness: materialism fosters social isolation; isolation fosters materialism. In one recent study by Cornell University, found that purchasing an experience tended to improve a person’s well-being more than buying a possession, in part because people are more prone to comparisons and buyer’s remorse with material goods. Also,