There are different answers to this question, supported by different scientific studies. However, interesting insights are supported by Kahnemann & Deaton in a study from 2010.
The key findings:
- Yes, money makes you happy, because you need an income to buy things that make you happy
- Therefore, happiness increases with growing income
- But at a certain point, the increase in happiness plateaus
- This point is at an annual income of 75.000 US-dollars
This insight was taken from the course “The science of happiness” by University of Berkeley on edX. If you want to learn more about happiness, you should join this MOOC.
Here is sample lecture from the online course, in which the lecturer explains more about the difficulties of finding happiness: