Does money make you happy?

The study, published in a recent journal examined data on earnings and life satisfaction from seven years of the British Household Panel Survey carried out by the Institute for Social and Economic Research.

Comparing individuals happiness with others of the same gender, age, level of education, or from the same geographical area, the study found that money only increases happiness levels if people feel it improves their social rank.

The studies lead researcher, Chris Boyce, from the University of Warwick, said " Earning 1 million a year does not appear to be enough to make you happy if you know your friends all earn 2 million a year."