In terms of emotional well-being, “there is no further progress beyond an annual income of $75,000,” researchers wrote, concluding that “high income buys life satisfaction but not happiness.”

There is also evidence suggesting that the “mid-life crisis,” a period of unhappiness that hits many people in their 40’s, may be real. Research from 500-K people revealed a distinct U-shaped curve to their happiness levels. …

This is one reason why strong social ties are indicative of one’s happiness; mental illness, especially depression and chronic anxiety, is “the biggest single cause of misery in advanced countries,” according to LSE’s Centre for Economic Performance (CEP).  One of CEP’s priorities is to overhaul public policy to increasingly aim at increasing wellbeing and personal happiness, especially since only 33% of people struggling with mental illness receive treatment, such as cognitive behavioral therapy.

Mr. Layard is the founder of Action for Happiness, a movement of people committed to building a happier and more caring society.

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