04/07/2014 08:30 am ET Updated Apr 07, 2014

More Money Isn't Going To Make You Happy

Oppenheim Bernhard via Getty Images

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.

Read more on Business Insider