Does money make us happier?

Money can't buy you happiness. That's how the saying goes, anyway. But has anyone ever subjected to this theory to any kind of scientific method? As a matter of fact, researchers from the University of Texas at Austin have, and their findings seem to support this popular tenet.

According to the research, money does play a role in the initial stages of happiness -- to the point where basic needs are met. Beyond that point, however, the affect money has on happiness appears to be far less significant. So, if money doesn't bring joy into people's lives, what does? Family ties, say researchers. Surveys on this topic indicate that while happiness is less strongly tied to changes in income, there is a strong association to changes in the quality of family relationships over time.

However, just as you still might disagree with these findings, so do some economists. As stated in a recent WebMD article, polling data from rich and poor countries reveals that satisfaction is highest among people living in the richest countries. And, within those countries, people with higher incomes tended to be happier than those with less money. In the U.S., for example, 90% of people in households making at least $250,000 considered themselves "very happy," compared to just 42% of people in households with incomes below $30,000.
Which side of this debate do you agree with? Can having money truly make people happier? Or, as the first study suggests, is having money -- beyond what can buy you the essentials to live -- far less important to happiness than other facets of life, such as having strong family ties? Feel free to comment below.