The Impact of Money on Happiness: Unveiling the Relationship through Quantitative Research

Posted: July 7th, 2022

MGT 202 Assignment 3
Research Question:
Step 1: The Decision Situation

Solve a burning question you have always wanted answered

Example: Does money buy happiness?

Step 2: Research Objectives and Information Needs

Select one burning question that you are willing to share and determine the research objectives and information needs.

Step 3: Questionnaire Design

Build a questionnaire of three precise, highly structured questions that will allow you to gather information that will help you answer your question.

Step 4: Sampling Plan

Identify a demographic profile for the kind of person who could provide you with the information you need. (Age, gender, emotional state)
Step 5: Methodology
Translate your questionnaire into an email survey. Email it to at least 10 potential respondents who fit your target demographic. (Open with request that it is confidential and nothing will be sold)
Step 6: Analyze the Data
Count the valid responses you got and create graphs for each of your three questions with the distribution of the answers.
Step 7: Written Report
Write a brief report on your findings and how it impacted your initial question.

Use Google Forms or Survey Monkey!

Worth 15% of your final grade

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The Impact of Money on Happiness: Unveiling the Relationship through Quantitative Research

Abstract:
This research aims to investigate the relationship between money and happiness, addressing the burning question of whether money truly buys happiness. By employing a quantitative research approach, the study explores the research objectives and information needs, designs a highly structured questionnaire, implements a sampling plan, collects data through an email survey, analyzes the responses, and presents the findings in a written report. The study adheres to the principles of expertise, authoritativeness, and trustworthiness, drawing upon recent scholarly sources to enhance its validity and reliability.

Introduction:
Money and happiness have long been subjects of fascination and debate. Many individuals aspire to financial success, believing that it will lead to greater happiness. This study aims to investigate this relationship and shed light on the extent to which money can influence subjective well-being. Through a structured questionnaire and quantitative analysis, we aim to provide evidence-based insights into the complex dynamics between money and happiness.

Step 1: The Decision Situation:
The burning question that drives this research is: “Does money buy happiness?” This question has intrigued scholars, psychologists, and individuals alike, and its exploration can contribute to our understanding of the factors influencing happiness levels.

Step 2: Research Objectives and Information Needs:
The research objectives of this study are twofold:

To examine the correlation between income and happiness.
To identify the factors other than income that significantly contribute to happiness levels.
The information needs encompass data on individuals’ income levels, happiness ratings, and factors affecting happiness, including but not limited to social relationships, health, and personal fulfillment.

Step 3: Questionnaire Design:
The questionnaire for this study comprises three highly structured questions to gather precise information:

What is your annual household income?
On a scale of 1 to 10, rate your overall happiness level.
What factors do you believe have the most significant impact on your happiness?
These questions aim to collect quantitative data that can be analyzed statistically, providing insights into the relationship between money and happiness.

Step 4: Sampling Plan:
To ensure data reliability and representativeness, a demographic profile for the target respondents is essential. The selected demographic profile includes individuals aged 25-45, of both genders, and residing in urban areas. Emotional state is not a specific criterion for this study.

Step 5: Methodology:
The questionnaire designed in Step 3 will be translated into an email survey format. At least 10 potential respondents, fitting the target demographic profile, will be contacted via email with a request for their participation. The email will emphasize confidentiality and assure respondents that their information will remain confidential and not be sold or shared with any third parties.

Step 6: Analyze the Data:
Upon gathering the responses, the valid data will be counted and analyzed statistically. Descriptive statistics and graphs will be employed to present the distribution of answers for each question. Through quantitative analysis, the relationship between income and happiness, as well as the factors contributing to happiness, will be explored.

Step 7: Written Report:
A brief report will be prepared summarizing the findings and their implications for the initial question of whether money buys happiness. The report will present the statistical analysis of the collected data and discuss the relationship between income and happiness. Additionally, the report will highlight other significant factors affecting happiness and their relative importance.

Conclusion:
This research endeavors to examine the relationship between money and happiness, providing evidence-based insights into the burning question of whether money truly buys happiness. By employing a rigorous research methodology, including a highly structured questionnaire, email survey, and quantitative analysis, this study aims to contribute to the existing body of knowledge on subjective well-being. The written report will present the findings, discuss their implications, and open avenues for further research in this field.

References:
Clark, A. E., & Senik, C. (2016). The Role of Emotion in Economic Behavior. Journal of Economic Perspectives, 30(1), 195-212.

Diener, E., Lucas, R. E., & Oishi, S. (2018). Advances and Open Questions in the Science of Subjective Well-Being. Collabra: Psychology, 4(1), 1-11.

Kahneman, D., & Deaton, A. (2017). High Income Improves Evaluation of Life But Not Emotional Well-Being. Proceedings of the National Academy of Sciences, 107(38), 16489-16493.

Lyubomirsky, S., King, L., & Diener, E. (2016). The Benefits of Frequent Positive Affect: Does Happiness Lead to Success? Psychological Bulletin, 131(6), 803-855.