Two-factor theory

But the data doesn't lie.

And at the end of the day, what the data tells us is that money is what behavioral psychologists call a hygiene factor when it comes to our happiness.

What this means is, whilst having an abundance of money doesn't magically solve everyone's problems, what we do know is that a lack of money and a lack of financial wellbeing and financial security pretty well guarantees human misery, human suffering and psychological distress.

It's not so much that money buys happiness, but that a lack of money is a huge block to happiness.