Do We Need $ 75,000 a Year to Be Happy - Research Proposal Example

Research Student’s Name Subject Professor University/Institution Location Date Quantitative Research Method Do we need $ 75,000 a year to be happy? 1.0 Description The research question is based on individual’s evaluation of life by considering the factors that are significant for personal happiness and well being. To answer the question the respondents are supposed to express their thoughts about their life on a longer period of time. The question asked by in the research has the income and life evaluation variables: Income; the category of those who earn and prospect to earn $ 75,000 a year Life evaluation: A self- Anchoring Scale. Respondents are to imagine their rank from a set of issues that lead to their happiness. The topmost being the best possible considered source of life happiness and the bottommost the least. A respondent will be required to answer the factor in the the choices, the way they feel at the time and what they would consider most in future. 1.1 Sample and Sample Size The research chooses the respondents for the study who act as representatives for the entire population from which they are selected. The research uses stratified approach, to segments the population into sub-populations, then takes systematic sampling to each level. The target population is professionals and workers in banking sectors and other finance-related employees in renowned banks mostly the head office. The choice for the head office is due to an equal representation to all departments. This acts as an adequate source of information. The population involves 100 people; involving 50 support staff, 30 supervisory staff and 20 managerial level employees. 1.2 Research Design 1.21 Introduction The correlation between personal happiness measures and individual income is the central focus of this research. There are various sources which will help achieve the research objectives. This include data reviewed from suitable literature, people from banking sector, official documents based on the topic, and importantly the questionnaire administered to the managers , supervisors and support staff in the bank headquarters. 1.22 Literature Review Studies about life satisfactions have been carried by scholars, more so the economists in the last two decades. The literature interests are on the impact of income on people’s happiness. These include the labor productivity, growth, improving individual’s well being through higher income. In his study Pischke, (2011), had an intention to disentangle the causality of life satisfaction and personal income. The research on industry wage differentials concluded that, workers in low and high wage industries are not different in many characteristics but those in high wage industries generally have higher wages, family incomes and earnings and thus tend to be happier compared to their low wage counterparts. Researchers also use other determinants to determine the well being and happiness. Kahneman and Deaton observations concluded that, people’s life evaluations rise steadily with income (Fig. 2). The same percentage increase in income has same effects on both poor and rich, but significantly for life evaluation, a decrease in income increases stress and sadness. The pains of misfortunes such as disease, loneliness, divorce are exacerbated by poverty. This means that poor people are adversely affected by misfortune and thus they are less happy as compared to high earners. 1.23 Research Methodology; Questionnaire The next step for this research is to develop a survey questionnaire. This questionnaire relies on information from the literature review. Its aim is to underpin the significance of high income and demonstrate happiness as an outcome. The evaluation is intended on a group of earners in financial sector; the bank. The questions will address and cover past, current and future prospects of income and aspects of happiness like life satisfaction and contentment. The questionnaire consists of ten questions about personal satisfaction and a brief prologue to describe the purpose, background, confidentiality, and explanation of the aims of the research. The questionnaire will in addition include a demographic section for personal data including age, occupation and status. The questions are closed to give the respondent the choice of nominal scale (1 to 10) answer using check boxes. Part 1: Respondents’ Personal Information Part 2: General information: Description of job, income and other sources of earning Part 3: Questions; 1. Thoughts and actions 2. Resident country 3. Family 4. Social networks 5. Spiritual beliefs 6. Life events 7. More money 8. Optimal health 9. Advance level of education 10. Climate 1.24 Data Analysis The research is quantitative in nature. In this respect, descriptive analysis will be used. After the data is collected, it will be coded and tabulated, using the descriptive statistics portrayed as percentages. Pie charts, figures and tables will be used in the analysis. The data gathered from the questionnaires will be presented graphs forms. Conclusions will be made from research findings and conclusions. 1.3 Ethical considerations The research will strive for objectivity by avoiding a biased design, analysis, interpretation and personal decisions. This will be done by disclosing personal interests and stand on the question. It will avoid careless errors through critical examination of different peer reviewed work. The research activities and records will correspond with the general research methods. Research will respect other intellectual properties such as findings and discussions will be acknowledged by actual referencing.  For the sake of any more personal information and by the respondent’s request, confidentiality will be ensured by publicizing general information that does not infringe to personal secrets and experiences. The research strives for social responsibility by promoting social good, public information and advocacy. The research aim to be competent; this is by maintaining and improving expertise and professional competence as a way for lifelong learning and education. 1.4Threats to validity Problem in data collection and correlation. It is hard to generalize due to small sample and their differences in choices.  Lack of appropriate information due to management department and organizations policies. Overdependence on prior studies in income and happiness correlation. Complexity in surveys and questionnaires conduct caused by study period. Qualitative Research Method Do we need $ 75,000 a year to be happy? 2.0 Description The research question aims at gaining information on quality of respondent, daily emotional experiences in relation to an income of $ 75,000 a year or above. It answers the question of whether; A person’s emotional well being level off at $75,000/year and Other life aspects such as life circumstances and temperament greatly influence personal happiness as compared to an increased income. 2.1 Sample The role income play in people’s life to increase and maintain happiness is the question answered by the research. The sample to inform the research question will be peer reviewed journal, data from suitable literature about income and happiness. More significantly the sample from population of managers, supervisors and support staff will answer the research objectives. Other necessary research documents will also inform the research. The sample focuses on: Ten (10) managers under supervisory docket. Ten (10) Support staff involved in active institutions. Ten (10) employees in managerial dockets. 2.2 Research Design 2.21 Literature review Kahneman and Deaton, (2010) from their findings, observed that the authors did not take a position on the policies that resulted from the research findings. Their comment was that while not all people will agree that policies that make the already happy people happier make sense, many others will agree that, reduced suffering for the very unhappy people has a significant effect; to merit some consideration. Money is therefore seen as important for life such as the case with beyond $75,000,(Fig.1) but it is not the main determinant for peoples’ happiness, enjoyment, stress or sadness. Thus, both factor s are considered important in that, it is good for a person to have high emotional wellbeing, but it is still good to think that life is going well. However, these authors failed to determine which among the two should get more weight. Easterlin & Angelescu, (2009) on their observation they concluded that income increase will only produce a less feeling of well being if it happen for all the members in the society. This is because personal judgments are done by comparing personal objective status with the subjective living level norm. This is primarily influenced by the average level of living in the society as a whole. When living levels increase generally, the subjective living level norms also rise. Those whose income is unchanged end up feeling poorer. Happiness and subjective well being directly varies with personal income and inversely with other people’s income. It is therefore, possible to conclude that $ 75,000 a year will only lead to greater happiness if the general earning of the society remain the same during such individual increase. 2.22 Case Studies The research about the role of income in promotion of personal happiness will be informed by the case studies questions. The case studies will in depth provide a range of information on different aspects of the respondent’s ways, life-skills and knowledge and how they are incorporated in daily life activities for personal satisfaction and happiness. Case studies are preferred against the other qualitative methods, since they will provide person-specific information and a wide viewpoint to help develop various approaches and alternatives to generalizing factors that greatly influence personal happiness. The case study method is also applicable for particular cases of people and thus access for wider information. Research information will be improved by developing the means of recording to retrieve significant information during analysis and interpretation. 2.23 Data Collection The qualitative data collection will gather first-hand information based evidence to obtain new insights about personal happiness, satisfaction and correlation with increased income per year. This research, in collection of data will employ both primary and secondary methods of data collection. The primary data will come from face to face questions interviews. It will also entail personal dialogue with the target sample. The questions will be divided into two parts; with the first set having the general information about respondents and the other containing information on the effects of income on emotional well being. The researchers will carry the interviews on the respondents. The advantage of this data collection method is being flexible and higher capability to capture additional information which might not be covered in the interview questions. The secondary data collected, will be for the purpose of supplementing our primary data. It will also be collected based on the ease of accessibility from the published documents like reports, articles, and various documents. 2.24 Analysis The data collected through case studies will be analyzed by appropriate statistical analysis tools. SPSS which analyses manipulates, and present data will be used. The data will be entered and be analyzed by table and frequency count functions. 2.3 Ethical Considerations The research will consider protection of human rights as its mandate. It will be guided by the principle of respect for respondent by recognizing their rights of being informed about the study, free decision to participate in the study and the right to withdraw at their own time without sanctions. Confidentiality and anonymity and justice will be highly esteemed in research undertakings. Research findings will be shared across the participants as a rule to beneficence principle. 2.4 Threats to Validity Hard to draw cause-effect conclusions The case studies makes it hard for generalization Possibility of biases in collection and interpretation of data as the data gathering and analysis done by a single person. References Easterlin, R.A. & Angelescu, L., 2009. Happiness and Growth the World Over: Time Series Evidence on the Happiness-Income Paradox. Social Science Research Network Working Paper Series, IZA Discus (4060), p.31. Kahneman D. & Deaton A, 2010, Does Money Buy Happiness? A Brief Summary of “High Income Improves Evaluation of Life But Not Emotional Well Being” PNAS Early Edition. Pischke, J.-S., 2011, Money and Happiness: Evidence from the Industry Wage Structure. Money, 17506(5705). Appendices: Fig.1: Factors for Happiness Fig.2: Income and Happiness Read More