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For many people diligently building their nest egg, the question of money’s link to happiness is a natural one. After all, financial security can reduce a significant source of stress. But can simply having more money guarantee a life filled with joy?

 

This month on The Pension Confident Podcast we’re talking about the age-old question: can money buy happiness? Join our host, Philippa Lamb, and our expert panel as they discuss the relationship between money and happiness.

• Author and Co-Founder of The Humble Penny and The Financial Joy Academy, Ken Okoroafor; 
• Occupational Psychologist and chartered member of the British Psychological Society, Kim Stephenson; and 
• PensionBee’s Head of Culture, Inclusion and Wellbeing, Emily Tribe.

 

Episode Breakdown:

01:23 At different ages, different things matter

04:10 Does money equal happiness?

06:30 The source of money changes the equation

10:10 Understanding your appetite for risk

13:57 Maslow’s hierarchy of needs

16:20 Avoiding lifestyle creep and finding joy

19:10 The marshmallow test

23:13 How can you boost your happiness

 

Further reading:

To learn more about where you could put your savings, check out these articles and podcasts from PensionBee:

• Episode 30 transcript
• 4 reasons why sorting your pension is important for your health
• Can money buy happiness?
• E11: How to prepare for a happy retirement
• E18: How to not run out of money in retirement
• E25: How to earn more money
• How much money do you need to retire in the UK?
• Is it time to find your new career?
• Making happiness a habit
• Preparing for retirement checklist
• Work doesn’t have to end at retirement - the over-60s make happy entrepreneurs

 

Other useful resources:

• 10 Ways Life Is a Marshmallow Test (Psychology Today)
• Being richer than your peers can make you happier (Financial Accountant)
• Does money buy happiness, according to science? (Clearer Thinking)
• Financial Joy by Ken & Mary Okoroafor (Book)
• Maslow’s Hierarchy Of Needs (Simply Psychology)
• Pension Calculator (PensionBee)
• Seligman’s PERMA+ Model Explained: A Theory of Wellbeing (Positive Psychology)
• What Is Loss Aversion? (Psychology Today)

 

Catch up on the latest news, read our transcripts or watch on YouTube:

• The Pension Confident Podcast
• The Pension Confident Podcast on YouTube

 

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Follow Kim Stephenson (@kimpstephenson) on LinkedIn and X.