A magazine of forecasts, trends, and ideas about the future
September-October 2007 Vol. 41, No. 5
| World Trends | & Forecasts |
Economics
How to Buy Happiness
Choosing between stuff and experiences
By Cindy Wagner
Durable goods like high-definition plasma TVs last longer than a typical family vacation, so most economists (and retailers) would probably advise you to invest in some tangible thing rather than a trip to an amusement park to keep the family happy. But a psychologist says: Not so fast!
The memories of experiences such as vacations last longer and can contribute more to happiness than can material possessions, says happiness researcher Leaf Van Boven of the University of Colorado at Boulder. He suggests that experiences are more open to positive reinterpretation years after the fact--your mental editing will help you forget how long you stood in line and remember more vividly your child's joy on the merry-go-round.
"The nice thing about memory is that we sort of forget about all those inconveniences," Van Boven explains. "We put this very favorable spin on experiences, and that's harder to do for material possessions, because they are what they are." And if the high-def TV goes on the fritz so you can't watch your home movies anyway, it's great to have memories to rely on.
Memory-making experiences have even more value than material possessions in their contribution to social relationships, Van Boven argues. Experiences have "social value, and we know that social relationships are a huge component of well-being and life satisfaction."
Experiences also help individuals achieve personal goals in ways that material goods usually cannot, such as challenging oneself to overcome fear by rock climbing, learning a new skill such as dancing, or cleansing one's soul by volunteering for a summer.
Material things are less likely to have this effect on people's lives, or even to be viewed this way, says Van Boven. He adds that people who pursue experiences rather than possessions are often more admired by others: "When you are known as being experiential, you become a more likeable person than when you are known as a materialistic person."
But it may be easier just to buy toys to make us happy, rather than planning a memorable and rewarding vacation, and the trend in the United States is toward fewer and shorter vacations."I think part of the reason is that it's very easy to believe that we are going to take a lot of vacations in the future, but for right now, we need to work hard to earn the money so that we can go take these vacations. We know this doesn't always happen," Van Boven concludes.
Source: University of Colorado at Boulder, Office of News Services, 584 UCB, Boulder, Colorado 80309. Web site www.colorado.edu/news/ .
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