Sure, but I’d argue that it’s largely reduced stress rather than raw materialism. For example being able not to worry about paying both the electric bill and a child’s dental work this month.

There’s many other research that corroborates this view. After some point increasing income didn’t increase life satisfaction. Usually somewhere in the low upper-middle class region.

> After some point increasing income didn’t increase life satisfaction. Usually somewhere in the low upper-middle class region.

That's the common assumption that this research repudiates.

> These findings are counter to a widely covered 2010 study that found happiness rises with income, but plateaus at around $75,000.

He studied much richer people:

> Killingsworth also used data from the ultra-wealthy (people with a median net worth between $3m and $7.9m), which is often lacking and difficult to obtain.

> The data showed the happiness gap between wealthy and middle-income participants was wider than between middle- and low-income participants.

> His study also found wealthy individuals were “substantially and statistically significantly happier than people earning over $500,000 each year”.