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Posted on May 13, 2010 in STUDY

Money won’t buy happiness: Bernanke

US  Federal Reserve Board Chairman Ben Bernanke

One of the most important figures in the world’s financial system has told a group of American university students that money will not buy them happiness.

The head of the US Federal Reserve, Ben Bernanke, has advised the students not to pursue careers solely to become wealthy.

He says chasing large sums of money can be exciting at first, but comes with great drawbacks.

“Having a larger income is exciting at first, but as you get used to your new standard of living, and as you associate with other people in your new income bracket, the thrill quickly wears off,” he said.

Mr Bernanke urged students to make time for their family and friends and to contribute to the wider community.

But he defended the priorities of his central bank, telling his audience that promoting economic growth and employment were worthwhile policy goals nonetheless.

“On average … citizens of richer countries report higher levels of life satisfaction, no doubt in part because they tend to be healthier, to have more leisure time to pursue hobbies or socialise, and to have more interesting work,” he said.

“Generally, richer countries also have fewer citizens in severe poverty.”

He says research has found that both inflation and unemployment detract from happiness.

Source: ABC Australia

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