Money can buy happiness if you know how to spend

People spending money to enjoy different experiences in everyday life, such as days out or concert tickets, are happier than those who spend on buying possessions, says a study.

This was the finding of a study of 9,600 people who were questioned about their shopping habits, as well as to ascertain personality traits, values and life satisfaction, the Daily Mail reported.

Extroverts and people who are open to new experiences tend to spend more of their disposable income on treats, such as on a weekend away or concert tickets instead of visiting the mall for material items.

According to the study led by San Francisco State University Assistant Professor of Psychology Ryan Howell, these habitual “experiential shoppers” reaped long-term benefits from their spending since they reported greater life satisfaction.

For his latest study, Howell and colleagues surveyed nearly 10,000 participants, who completed online questionnaires about their shopping habits, personality traits, values and life satisfaction.