Studies indicate that for those who have trouble providing for their basic needs, money DOES buy happiness. That may seem foreign to many of the posters here, but when a person is food and housing insecure, that is a huge detriment to happiness. The same studies also indicate that once basic needs are met, money does not go a long way toward increasing happiness. In other words, once a person is not worried about surviving, money and material wealth means very little.
While I absolutely believe the research, I sometimes doubt it when obsessing over a particular bag or piece of jewelry begins...