How important, if at all, is having more money for our happiness and well-being? Unsurprisingly this question stimulates a lot of opinion and debate. But are people accurate in their predictions about the benefits of having money?
A new study published in the Journal of Positive Psychology highlights that people are often mistaken in how spending our money might benefit our lives. People are prone to forecasting errors – that is, they mistakenly predict future events to be better or worse than they actually turn out to be.