A study published November 18, 2009 in the journal Health Economics, Policy and Law found that psychotherapy may be considerably more effective in contributing to our happiness than getting a raise or winning a lottery.
Researchers analyzed data on thousands of people who provided information about their mental well-being and found that the increase in happiness from a $1,329 course of therapy was so significant that it would take a pay raise of more than $41,542 to achieve an equal boost in well-being.”
Wow! Psychotherapy could be 32 times more cost effective in contributing to our happiness than receiving more money. Actually, as a psychologist, and having seen the results of psychotherapy over the years, I’m not at all surprised. It is nice to have a study backing up my impressions, though.
Chris Boyce, at the University of Warwick in England and the author of the study, has this to say: “Often the importance of money for improving our well-being and bringing greater happiness is vastly over-valued in our societies. The benefits of having good mental health, on the other hand, are often not fully appreciated and people do not realize the powerful effect that psychological therapy can have on improving our well-being.”