The extent to which income contributes to happiness is a matter of some debate. Though cross-sectional micro-data analysis suggests positive and statistically significant correlations between life satisfaction and income, the magnitude of these associations is generally small (Powdthavee 2010) and has led scholars to conclude that the relationship between money and happiness is weak at best (Layard 2005). Indeed, differences in the personal income of individuals explain less of the difference in reported well-being than a range of other factors, such as employment, family relationships, health, education, and income inequality (Di Tella and MacCulloch 2006; Winkelmann and Winkelmann 1998).