Source: Visualcapitalist

Throughout history, the pursuit of happiness has been a preoccupation of humankind.

Of course, we humans are not just content with measuring our own happiness, but also our happiness in relation to the people around us—and even other people around the world. The annual World Happiness Report, which uses global survey data to report how people evaluate their own lives in more than 150 countries, helps us do just that.

The factors that contribute to happiness are as subjective and specific as the billions of humans they influence, but there are a few that have continued to resonate over time. Family. Love. Purpose. Wealth. The first three examples are tough to measure, but the latter can be analyzed in a data-driven way.

Does money really buy happiness? Let’s find out.

Wealth and Happiness

To crunch the numbers, we looked at data from Credit Suisse, which breaks down the average wealth per adult in various countries around the world.

While the results don’t definitively point to wealth contributing to happiness, there is a strong correlation across the board. Broadly speaking, the world’s poorest countries have the lowest happiness scores, and the richest report being the most happy.

Regional and Country-Level Observations

While many of the countries follow an obvious trend (more wealth = more happiness), there are nuances and outliers worth exploring.

• In Latin America, people self-report more happiness than the trend between wealth and happiness would predict.

• On the flip side, many nations in the Middle East report slightly less happiness than levels of wealth would predict.

• Political turmoil, an economic crisis, and the devastating explosion in Beirut have resulted in Lebanon scoring far worse than would be expected. Over the past decade, the country’s score has fallen by nearly two full points.

• Hong Kong has seen its happiness score sink for years now. Inequality, protests, instability, and now COVID-19 outbreaks have placed the region in an unusual zone on the chart: rich and unhappy.

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Financial Literacy

The digital age has democratized access to financial information like never before. Online resources, financial literacy apps, and financial management tools are ubiquitous, offering user-friendly platforms to learn about budgeting, investing, and saving. The challenge is no longer about accessing information but discerning reliable sources and applying these learnings in real-world scenarios.

With the emergence of FinTech, finance is increasingly digital and borderless. Digital wallets, peer-to-peer lending platforms, robo-advisors, and cryptocurrency are transforming how we save, spend, and invest. This shift makes it even more imperative to understand not only traditional finance concepts but also the intricacies and implications of digital finance. The ability to navigate this digital financial landscape is quickly becoming an essential skill.

In 2023, the importance of incorporating financial literacy into school curriculums is more recognized than ever. By introducing students to basic financial concepts at a young age, we lay a strong foundation for future financial health and stability. Integrating financial education into school programs helps equip the next generation with the necessary skills to navigate the complex financial world.

While strides have been made towards gender equality, financial literacy among women is an area that still needs attention. Empowering women through financial education is key to their economic independence. In 2023, there is a growing focus on initiatives designed to promote financial literacy among women, with the aim of achieving financial equality. Financial literacy is not just a luxury for a few but a necessity for all. Including marginalized and low-income groups in financial literacy initiatives is critical. These efforts are key to breaking the cycle of poverty and enabling social mobility.

Financial literacy in 2023 is not just about managing money—it's about understanding the evolving financial landscape and making informed decisions that lead to financial well-being. As we continue to navigate the complexities of the modern financial world, the importance of being financially literate cannot be overstated. It empowers individuals, builds stronger communities, and contributes to the overall health of the economy. Therefore, fostering financial literacy must remain a priority for policymakers, educators, and individuals alike.