I’m sure you have come across the “Money Vs Happiness” debate a couple of times and each time the question pops up “Can money buy happiness?”. Well the answer isn’t simply “yes” or “no.” As explained by Miriam Tatzel “It depends how you spend it.”

She examined the link between consumerism, happiness, and even the environmental impact of our buying decisions. Thus coming to the conclusion

One way to be happier is to spend your money on experiences rather than things.

This is true for the simple reason that you get more mileage from a weekend biking trip than you get by buying biking gear. You anticipate the trip, make memories for the duration, and reminisce for weeks after.

For the majority of us, there is a lot of happiness to be found in an experience than in materialistic gains.

And this is something millennials know.

In a recent survey conducted by Eventbrite, it revealed that 78% of Gen Y would rather spend money on an experiences than things and 77% agreed that their best memories come from experiences.

The survey also found that 72% millennials look forward to spending more on gaining experiences  and than a 69% makes them feel more connected to the community, other people, and the world.

Eventbrite has maned this phenomena as “Experience Economy” and assures us of a growing  economy based on experiences. Its important to know that Eventbrite is an event organizing company telling us millennials love events. Though given the fact millennials show “increased spending on living live events and experiences”  once can surely say spending on making memories trumps buying “stuff”.

Parts of looking around for the Money Vs Happiness debate also have me convinced that just how “Money cant buy happiness” the same is true for the opposite i.e “Happiness cant buy money.” as stated by Former New York City Mayor Michael Bloomberg at a panel discussion with macro legend Ray Dalio.

So where does it leave us? Does this mean money can buy you happiness? Happiness isn’t just reliant on the balance in your bank account. What that money can buy you, however, is much more important.

For the ones who accept that experiences leave you richer, I guess the challenge is to know what kind of experiences would they like to have? And to answer that money doesn’t necessarily  have to be part of the equation as explained by Alan Watts.