American parents believe children need material possessions for optimal development, leading to a 30% increase in family assets with each child. In contrast, developing nations lack goods and expect children to adjust without toys. Studies show experiences make people happier than material possessions, and childless couples accumulate more wealth. Home renovations do not increase personal happiness.
In American culture, many parents believe that children require material possessions, such as specially designed toys and furniture, for optimal development. As a result, the average American family’s assets increase by about 30% every time a child is born and during the first few years of its life. This is in stark contrast to many developing nations, where goods are scarce and children are expected to adjust to the adult world without toys or “kid-friendly” things.
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Studies have shown that people are more likely to be happy when they spend their money on experiences, such as vacations, than on material possessions.
Research has shown that US couples without children accumulate 5% more wealth than couples with children.
Like material possessions, extensive home renovation projects are unlikely to increase personal happiness, according to researchers.
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