A recent study published in the journal Social Psychological and Personality Science found that across multiple demographics, having a higher income decreased daily sadness but had no bearing on daily happiness. MarketWatch staffer Catey Hill reports on the results of this study, which hypothesizes that people with greater incomes feel more in control of negative life events.
The study also suggests sadness leads to earning less, leading to more sadness. The results of this study aren't exactly original:
One of the more famous studies, which examined data from 450,000 Americans and was published in 2010, found that once you earn $75,000 a year — which likely helps you easily meet your basic needs and not have to worry as much about money — earning more had no discernible impact on happiness.