By Justin Worland
January 29, 2015

Can money buy you happiness? It might depend on your stage of life, finds a new study in the journal Psychology and Aging. The link between life satisfaction and income is strongest in 30-50 year-olds, while it’s only weakly correlated in older people and young adults, the study shows.

Researchers looked at life satisfaction survey data from more than 40,000 people in Germany, the United Kingdom and Switzerland, taken over the course of many years. The results were consistent in all three regions.

People in the middle of their lives likely value income because of increased financial responsibilities, including the need to support a family, the study authors say. Young adults may place less value on income because of support from their parents, and older people are more likely to have resources outside of income like retirement savings, they explain.

Other research has suggested that money doesn’t do anything to make people happy, and, if it does, its influence is fairly subtle. But this study suggests that looking at the aggregate data without teasing out different age groups won’t necessarily provide the most relevant view.

“Our findings suggest that if money does buy happiness, it does so to different degrees for different people,” the study says.

Write to Justin Worland at justin.worland@time.com.

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