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Title:Money and mental wellbeing: a longitudinal study of medium-sized lottery wins PDF Logo
Authors:Gardner, Jonathan
Oswald, Andrew J.
Issue Date:2006
Series/Report no.:IZA Discussion Papers 2233
Abstract:One of the famous questions in social science is whether money makes people happy. We offer new evidence by using longitudinal data on a random sample of Britons who receive medium-sized lottery wins of between £1000 and £120,000 (that is, up to approximately U.S. $200,000). When compared to two control groups - one with no wins and the other with small wins - these individuals go on eventually to exhibit significantly better psychological health. Two years after a lottery win, the average measured improvement in mental wellbeing is 1.4 GHQ points.
JEL:D1
I3
Document Type:Working Paper
Appears in Collections:IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)

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