What is the relationship between money and well-being?

Summary 

The 2021 academic paper by Matthew A. Killingsworth, titled "Experienced well-being rises with income, even above $75,000 per year," challenges and expands upon previous understanding of the relationship between income and well-being. The study delves into two forms of well-being: experienced well-being (people's feelings during daily life) and evaluative well-being (people's overall assessment of their lives). It seeks to understand if income continues to influence well-being beyond certain thresholds and whether its impact varies across different aspects of well-being. 

Earlier research suggested that experienced well-being plateaus at an annual income of $75,000, a notion that has significantly influenced public and scientific discourse. However, Killingsworth's study, utilizing 1,725,994 experience-sampling reports from 33,391 employed US adults, found