Does Making Less Money Mean You Enjoy Spending Less? A Conversation with Dr. Olson

Many couples assume that spending power equals happiness. If you make more, you’ll enjoy experiences more, right? Dr. Jenny Olson, consumer psychologist, assistant professor at Indiana University, and Modern Husbands Advisory Board Member, challenges that assumption with compelling new research.

In a recent conversation on the Modern Husbands Podcast, Dr. Olson revealed a surprising insight:

"Income doesn’t determine how much joy people get from shared experiences. In fact, couples with less might actually enjoy more, especially when those experiences meet important psychological needs."

In this post, we’ll unpack her research and explore what it means for couples navigating busy schedules and budgets.

Challenging the Income-Happiness Link

Dr. Olson’s study focused on “psychological consumption experiences,” such as going to concerts, taking a weekend getaway, listening to podcasts, playing pickleball, or reading together. These are moments that offer mental and emotional nourishment rather than physical necessities.

Her team ran a series of experiments where the experience stayed the same but the income level of the participant changed.

The result?

People assumed that lower-income individuals would enjoy the same experience significantly less, while higher-income individuals would enjoy it significantly more.

But those assumptions were wrong.

When Dr. Olson and her team examined real-world data, including survey responses from event attendees and information from a professional sports team, they found the opposite. In some cases, lower-income participants actually reported greater enjoyment.

Why These Misconceptions Exist

So where does this bias come from?

Dr. Olson points to a common misunderstanding of Maslow’s Hierarchy of Needs. This model suggests that people must fulfill physical needs like food, water, and shelter before pursuing higher-level needs like belonging, esteem, and self-actualization. While Maslow originally proposed this as a step-by-step progression, even he later acknowledged that the process is more fluid.

Still, many of us carry the belief that if you don’t have every basic need perfectly met, you shouldn’t pursue joy. This belief can limit how we see ourselves and others when it comes to enjoying life’s little pleasures.

Judgment in the Real World

You’ve probably seen this bias play out in everyday life. Dr. Olson recalled seeing a now-defunct Disney vacation savings program designed to help families budget for trips. While the idea was financially responsible—encouraging people to save in advance—the public reaction was harsh.

Comments like “If you need a savings account to go to Disney, you shouldn’t be going” reveal how deeply ingrained this judgment is. Similar reactions happen when lower-income families are seen buying cakes or concert tickets. The underlying message is clear: "If you’re not wealthy, you don’t deserve joy."

It’s not only unfair; it’s inaccurate.

What This Means for Couples

For dual-career couples, time is precious. With work, household responsibilities, and possibly children to manage, it's easy to delay meaningful shared experiences. You might think, “We’ll plan something fun once things calm down,” or “We can’t afford that right now.”

But Dr. Olson’s research shows that joy does not have to wait for wealth. A backyard picnic, a pickleball match, or a walk around the neighborhood can be just as fulfilling as a high-end night out. In some cases, they may even be more enjoyable.

The key is spending intentional time together.

Whether it’s starting a new hobby, attending a local event, or carving out 30 minutes to reconnect after the kids go to bed, shared experiences can renew your sense of closeness and well-being.

Practical Takeaways from the Research

Dr. Olson offers several actionable insights that couples can use right now:

• Do not underestimate the power of free or low-cost experiences. Psychological joy does not require luxury.

• Schedule joyful moments, but avoid turning them into a chore. Some structure helps, but balance is important.

• Share your self-care. Turning it into "us-care"—such as date nights, game nights, or even just relaxing together—benefits both partners.

• Challenge your assumptions. If you catch yourself thinking, “We can’t do that until we have more money,” pause and ask if the experience truly requires a larger income or just a different mindset.

  
  

Closing Reflection and Invitation to Connect

Dr. Olson’s research reminds us that joy is not reserved for the wealthy. Whether it’s attending a concert, enjoying a backyard picnic, or simply sitting down to play a video game together, happiness thrives in shared experiences, not in spending thresholds. For dual-career couples, what matters most is not how much you spend but how intentionally you spend your time together.

Connect for Support

If you and your partner are ready to make more intentional choices with your time and money, reach out to me for 1:1 or 1:2 financial counseling. As an Accredited Financial Counselor® and Fair Play Facilitator®, I specialize in helping modern couples align their money and values together. Contact me here to get started.

The Full Podcast Episode with Dr. Jenny Olson

Winning ideas from experts to manage money and the home as a team. 2023 Plutus Award Finalist: Best Couples or Family Content

🔔 Click here to listen and subscribe to the Modern Husbands Podcast on Apple.

🔔 Click here to listen and subscribe to the Modern Husbands Podcast on Spotify.