Sorry, millennials: Not everyone is happier spending money on experiences over stuff

Money can’t buy happiness, but it may define what happiness means to you.

Spending money on experiences makes wealthier people happier, but lower-income people had a difference reaction. They were happier or felt the same when they bought possessions rather than experiences, according to a new series of studies published in the peer-reviewed Psychological Science, the flagship journal of the Association for Psychological Science.

The research puts a wrinkle into the popular theory that spending on experiences — something championed by millennials — is the path to lasting happiness, while buying material goods provides only momentary pleasure. It’s a tip that’s often cited by both happiness and personal finance gurus, and it’s a philosophy that’s started to drive the spending habits of consumers, especially younger ones.

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