According to About.com’s Pittsburgh survey, the number 1 New Year’s Resolution is to “Spend more time with family and friends.”
Spending time with family and friends is beneficial for all sorts of reasons like social stability, self esteem, emotional support, financial support, psychological support, and professional support (basically they are a great support system!).
But what makes you happier–wealth or social relationships? Powdthavee (2007) sought out the answer to this exact question in Britain. Using the shadow pricing method, which is commonly used in the field of Economics to do cost-benefit analyses, financial earnings only make up a part of the happiness scale, with even larger sections coming from having strong social relationships, long-lasting marriage, and good health.
Knowing that maintaining social relationships is more important than your salary just might help encourage you to spend even more time with your family and friends this year.