The phrase ‘money cannot buy happiness’ may rain shillings and it can be true to a certain extent. But research has shown that psychological therapy does a better job.

Psychological therapy has proven to be more cost-effective by over 30 times at making people happier than winning a lottery or obtaining a large pay rise, according to a study conducted by the University of Warwick and the University of Manchester.

It was found that society vastly overestimates the importance of money in improving well-being and mental health.

Chris Boyce, of the University of Warwick, and Alex Wood, from the University of Manchester, conducted the research entitled 'Money or Mental Health: The Cost of Alleviating Psychological Distress with Monetary Compensation versus Psychological Therapy'.

The study involved comparison of large data sets in which thousands of people had reported on their well-being. They then examined how well-being changed due to therapy, compared to the results of sudden increases in income.

The findings reveals that an £800 course of therapy had a much larger effect on well-being that it would take a pay rise of over £25,000 to achieve an equivalent increase in happiness.

The research also looked at deteriorating mental health despite huge economic gains in developed countries over the past five decades.

“We have shown that psychological therapy could be much more cost-effective than financial compensation at alleviating psychological distress,” Boyce said.

“This is not only important in courts of law, where huge financial awards are the default way in which pain and suffering are compensated, but has wider implications for public health and well-being.

“Often the importance of money for improving our well-being and bringing greater happiness is vastly over-valued in our societies,” he concluded.

Esteem Fitness is an independent company that conduct a free EAP market review to find the best EAP provider which can address the particular issues arising out of your workplace. By incorporating therapy, the public can gain the benefits of improving overall wellness and happiness.

The source:  Ireland on-line

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