The Pension Confident Podcast
E30: Can money buy happiness? With Ken Okoroafor, Kim Stephenson and Emily Tribe
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For many people diligently building their nest egg, the question of money’s link to happiness is a natural one. After all, financial security can reduce a significant source of stress. But can simply having more money guarantee a life filled with joy?
This month on The Pension Confident Podcast we’re talking about the age-old question: can money buy happiness? Join our host, Philippa Lamb, and our expert panel as they discuss the relationship between money and happiness.
- Author and Co-Founder of The Humble Penny and The Financial Joy Academy, Ken Okoroafor;
- Occupational Psychologist and chartered member of the British Psychological Society, Kim Stephenson; and
- PensionBee’s Head of Culture, Inclusion and Wellbeing, Emily Tribe.
Episode Breakdown:
01:23 At different ages, different things matter
04:10 Does money equal happiness?
06:30 The source of money changes the equation
10:10 Understanding your appetite for risk
13:57 Maslow’s hierarchy of needs
16:20 Avoiding lifestyle creep and finding joy
19:10 The marshmallow test
23:13 How can you boost your happiness
Further reading:
To learn more about where you could put your savings, check out these articles and podcasts from PensionBee:
- 4 reasons why sorting your pension is important for your health
- E11: How to prepare for a happy retirement
- E18: How to not run out of money in retirement
- E25: How to earn more money
- How much money do you need to retire in the UK?
- Is it time to find your new career?
- Making happiness a habit
- Preparing for retirement checklist
- Work doesn’t have to end at retirement - the over-60s make happy entrepreneurs
Other useful resources:
- 10 Ways Life Is a Marshmallow Test (Psychology Today)
- Being richer than your peers can make you happier (Financial Accountant)
- Does money buy happiness, according to science? (Clearer Thinking)
- Financial Joy by Ken & Mary Okoroafor (Book)
- Maslow’s Hierarchy Of Needs (Simply Psychology)
- Pension Calculator (PensionBee)
- Seligman’s PERMA+ Model Explained: A Theory of Wellbeing (Positive Psychology)
- What Is Loss Aversion? (Psychology Today)
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Follow Humble Penny (@TheHumblePenny) on TikTok, YouTube, Instagram, LinkedIn, Facebook and X.