
It is natural to assume that accumulating more possessions will lead to a better, happier life; but the results of studies done by economists prove otherwise. Robert Frank, a professor of economics at student who does not own an iPod may not feel any desire to buy one until all his friends own an iPod; then he suddenly feels miserable because compared to his friends he is “worse-off.” On the other hand, Anke Zimmermann (pictured to the right) concludes after examining time series data from the Roper surveys, “On average, an individual’s wellbeing does not improve despite increases in income, because rising goods aspirations offset the effect of rising.” Thus hedonic adaptation, or getting used to one’s experience, is yet another force affecting people’s happiness. For instance, the excitement of having a new cell phone or a new car wears off after a while, leaving the once- proud owner bored and in search of a better product.
Materialism among the youth is especially alarming and deserving of public attention because attitude toward wealth affects decisions regarding education, career, and family life. The American Freshman National Norms for Fall 2006 how that students attending their second choice institutions listed “being offered financial aid” and “the cost of the college” as two of the top five important reasons influencing their college choice (8). Even before entering the work force, many students are already concerned about or even burdened by the cost of their education. The importance of financial concern in the process of decision-making is also likely to be reflected in the students’ choice of jobs after college. Since earning high income and buying luxury goods do not guarantee long-term high life satisfaction, selecting a job solely based on the amount written on the paycheck would be unwise. Instead one should consider the intrinsic elements of the job, such as the freedom to use creativity and to work independently. While the media are presenting wealth as the key to happiness, educators have the responsibility to inform young people of the limited effects of income on life satisfaction. Happiness and its sources should be introduced in high school or even in middle school, before students start making decisions about higher education or work. Like civics and economics, subjective wellbeing deserves to be a required course. Outside the classroom the spread of information can be promoted through providing welfare study data and results in school career planning centers and academic advisors’ offices. Even basic understanding of the topic can shape our youth into more responsible consumers and better policy makers in the future.
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