Can money buy happiness?

At the What Works at Work Summit organized by the Philippine Daily Inquirer last Monday, I moderated a panel discussion entitled “Wellness and Well-being: Enhancing Mental Health, Pay, and Happiness in the Workplace.” I noted how they explicitly included pay, compensation, and benefits in the discussion. This speaks to a growing awareness that mental health isn’t siloed from financial aspects of work and life.

Financial stress is a significant source of distress for many and are interrelated with job stress and marital or relationship stress. In other words, money issues can impact many areas of our lives, leading to unhappiness and poor mental health. Moreover, a recent study by Purdue University has claimed that Filipino families need P130,000 a month to be happy.

This is a tall order, given that the Philippine Statistics Authority has estimated the average income of Filipino families at P29,436 a month (or P353,230 a year). Our average family income stands at roughly P15,000 more than the poverty threshold—the minimum income required for a family to meet the basic food and nonfood requirements—of P13,873. The average Filipino family may not be poor, but it doesn’t make them comfortable.

So, can money buy happiness? We have heard the old adage, “Money can’t buy happiness.” However, the economic reality of Filipinos seems to indicate that money can go a long way in helping us achieve a comfortable life, if not ultimate happiness. I was asked by a reporter r.