The money makes people happy

The money makes people happy, and more for workers paid by the hour as wages, according to researchers at the Graduate School of Business at Stanford and the University of Toronto. The relationship between money and happiness is higher for persons paid on time because they are often reminded how much they earn, which makes money more prominent in their thinking.

"If you are paid hourly or account for your time on a timesheet, you begin to see the world in terms of money and in terms of economic evaluation," said Jeffrey Pfeffer, Thomas D. Dee II Professor of Organizational Behavior at Stanford Graduate School of Business. "Insofar as time is money and money becomes more prominent, the link between what you earn and increase your happiness."
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Hourly paid employees know the exact value of each hour worked. They think their regular income and begin to compare the value of their time to the amount of happiness.

Pfeffer and Sanford DeVoe of the University of Toronto studied data from surveys of American and British incomes, status vs hourly pay wages and the general happiness. Investigations have shown that the wage determines the happiness of hourly workers more than it does for people a salary.

The researchers conducted their own experiments to demonstrate that even the employees would rely more on income to assess their happiness if they were aware of their implicit hourly rate. They asked people to rate their happiness, which requires a random set of participants to first calculate their hourly wage. They noted statements such as "I am satisfied with my life" and answers questions such as "Have you been feeling unhappy and depressed?"