A new Cambridge University study confirms that there does seem to be a link between money and happiness.
However, a press release about the research clarifies that "matching spending with personality was more important for individuals' happiness than the effect of individuals' total income or their total spending."
The team reviewed nearly 77,000 financial transactions made during a 6-month period by 625 people in the U.K.
They grouped these purchases into 59 broad categories then compared them to the participants' personalities which were assessed according to five traits—openness to experience, conscientiousness, extraversion, agreeableness, and neuroticism.
The researchers found that happier people tended to spend more on activities that lined up with their personalities; for example, extroverts had more expenses related to eating out.
As such, one of the paper's authors Joe Gladstone has said the study shows that "spending can increase our happiness when it is spent on goods and services that fit our personalities and so meet our psychological needs."
RELATED: Here are Forbes' top ten happiest richest people in America:
Forbes' top 10 richest people in America
Cambridge study confirms that money can buy happiness
5. Charles Koch
Net worth: $41 billion, down $1 billion
Net worth down 2% since 2014 Forbes 400 due to market pressure on commodities and industrial companies
Charles runs $15 billion (revenues) Koch Industries, the country’s second-largest private company with $115 billion in sales.
He’s been chairman since 1967, when the company was valued at $50 million; it is now worth an estimated $100 billion
Political heavyweight compares his crusade for smaller government and economic liberty to the campaign for civil rights, and hopes his network of several hundred wealthy conservatives will spend up to $300 million on candidates and another $600 million on efforts to reduce regulation and reform the criminal justice system
(Photo by Patrick T. Fallon for The Washington Post via Getty Images)
4. Jeff Bezos
Net worth: $47 billion, up $16.5 billion
Bezos is the biggest dollar-gainer on the list
Climbs into the top 10 richest on The Forbes 400 for the first time thanks to surge in Amazon.com shares
In September he announced that his aerospace company, Blue Origin, would spend over $200 million to build reusable rockets and launch them into orbit from a site at Cape Canaveral by the end of the decade.
(Photo by Nicole Craine/WireImage)
3. Larry Ellison
Net worth: $47.5 billion, down $2.5 billion
Fortune down $2.5 billion in the past year as Oracle’s share price fell
His net worth is down 5% since 2014 Forbes 400
Stepped down as CEO of Oracle in September 2014, stayed on as chairman.
In June he announced that Oracle would expand its cloud-computing business, putting it in direct competition with Amazon.com’s Web Services business.
Both of his children are Hollywood moguls. Daughter Megan has financed films like Zero Dark Thirty and American Hustle. Son David has produced franchises like The Terminator and Mission: Impossible.
(Photo by Gregg DeGuire/WireImage)
2. Warren Buffett
Net worth: $62 billion, down $5 billion
Source: Berkshire Hathaway
Fortune down $5 billion in the past year because share price of Berkshire Hathaway fell
His net worth is down 7.5% since 2014 Forbes 400
Berkshire Hathaway in August announced its biggest acquisition ever, agreeing to pay $37 billion for Precision Castparts, a maker of aerospace, power and industrial parts
In addition to Precision, Berkshire owns companies including Geico, Dairy Queen and Fruit of the Loom
This year teamed up again with 3G Capital, a firm run by a trio of Brazilian billionaires, to merge Kraft Foods with Heinz. Buffett has joined forces last year to help finance 3G’s merger of Burger King and coffeehouse chain Tim Hortons
Lifetime philanthropic giving: $25.6 billion
(Photo by Eric Frances/Getty Images)
1. Bill Gates
Net worth: $76 billion, down $5 billion
World’s richest man for 22nd year in a row
Fortune down 6%
Gates own just under 3% of Microsoft, which accounts for 13% of his total fortune. His private investment firm, Cascade, makes up the rest, investing in stocks, bonds, private equity and real estate