Money can buy happiness (temporarily): Results of Sam Altman's Basic Income study
The results of Sam Altman's groundbreaking basic-income study have been released, revealing significant insights into the impact of guaranteed income on low-income individuals.
This study, one of the largest of its kind in the U.S., provided participants with $1,000 a month for three years, without any conditions. Here are the key points from the findings:
Overview of the Study
- Participants: 3,000 low-income individuals from Texas and Illinois, all earning below $28,000 annually.
- Structure: One-third received $1,000 monthly, while a control group of 2,000 received $50 a month. No participants lost existing benefits.
- Funding: Sam Altman, CEO of OpenAI, raised $60 million for the study, including $14 million of his own funds.
Key Findings
- Financial Stability: Recipients primarily used the extra money for essential needs like rent, food, and transportation, improving their financial stability.
- Workforce Engagement: Contrary to concerns, participants didn't drop out of the workforce entirely. Instead, they worked fewer hours, potentially seeking more fulfilling or higher-paying jobs.
- Improved Well-being: The initial positive impact on mental health and stress levels diminished over time, highlighting the complexity of addressing long-term challenges.
- Increased Agency: Participants felt empowered to make life-changing decisions, from moving to better neighborhoods to exploring entrepreneurial ventures.
