There is a brief report entitled How your bank balance buys happiness: The Importance of “Cash on Hand” to Life Satisfaction by Ruberton, Gladstone and Lyubomirsky was so important that I paid $11.95 to gain access to the PDF and possibly violated my resolution not to buy books in the month of January.
This paper revises what we previously know about emergency savings. The conventional advice from financial books and bloggers is to hold 6 months worth of spending as emergency expenses. Other than ensuring that you may be able to survive for six months without a job, no one can really articulate why we put emergency cash into a savings deposit account. It hardly does any solid work to make your wealthier.
Well, social science now has fairly concrete answers.
Apparently, putting money into a bank deposit account can increase your life satisfaction. This is independent of how …