On May 1, the University of Illinois Student Money Management Center hosted a thought-provoking webinar titled “Money & Happiness,” diving into the complex relationship between financial resources and emotional well-being.
Led by Andrea Pellegrini, Assistant Director of the Student Money Management Center, and Donovan Sanchez, Financial Planning Instructor at UIUC, the webinar was the final installment of the university system’s Get Savvy financial literacy series. Designed to empower students with money management tools, the Get Savvy series has offered practical guidance throughout the semester via Zoom.
The session began by unpacking the elusive concept of happiness and its ties to personal finance. Sanchez introduced participants to the Hedonic Adaptation Theory, which suggests that while acquiring new possessions may briefly boost happiness, people generally return to a baseline emotional state over time.
“Hedonic adaptation teaches us that while good and bad things happen, we eventually settle back to a state of contentment,” Sanchez said. “So, the emotional uplift from a purchase is often temporary.”
Pellegrini shifted the focus toward defining financial well-being, emphasizing that it’s more subjective than numerical. Citing research from the Consumer Financial Protection Bureau (CFPB), she explained that financial well-being is less about credit scores or net worth and more about personal peace of mind.
“What they found is that financial well-being is a highly personal state,” she said. “It’s not necessarily defined by how much someone owns or their credit score. It’s about what financial well-being means to you.”
As the presentation concluded, Sanchez offered practical advice on how to align spending habits with lasting happiness. He encouraged students to invest in experiences, education, and social connections—things that often provide deeper and longer-lasting satisfaction than material goods.
Students and faculty interested in future events can explore opportunities through UISConnection, which hosts a range of educational webinars and campus events. The “Money & Happiness” webinar will soon be available on the Get Savvy YouTube channel for those who missed it.
