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, 26 (1), 49-60

Money and Mental Wellbeing: A Longitudinal Study of Medium-Sized Lottery Wins

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Money and Mental Wellbeing: A Longitudinal Study of Medium-Sized Lottery Wins

Jonathan Gardner et al. J Health Econ.

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 pounds and 120,000 pounds (that is, up to approximately US$ 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.

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