The science of why you should spend your money on experiences, not things | The Insight Files | Scoop.it

New research conducted by Dr. Thomas Gilovich, a psychology professor at Cornell University, suggests that consumers get more happiness spending money on experiences like going to art exhibits, doing outdoor activities, learning a new skill, or travelling as opposed to buying the latest iPhone or a new BMW. While people's satisfaction with things they bought declines over time, their satisfaction with experiences they spent money on increases. Gilovich's research has implications for individuals who want to maximise their happiness return on their financial investments, for employers who want to have a happier workforce and policy-makers who want to have a happy citizenry. "By shifting the investments that societies make and the policies they pursue, they can steer large populations to the kinds of experiential pursuits that promote greater happiness." Find out more.