Money and happiness

Federal Reserve chairman Ben Bernanke addressed graduates of the University of South Carolina with a simple message: having a well paid job doesn't mean you will be happy. Here is the link to the report (click here).

Now I don't think there's anything new in this. I've talked about the science of happiness and the data says it all - there is no correlation between money and happiness.

So why is Bernanke making these statements? Is it because this message needs to be reiterated year after year as students prepare to enter the workforce? Is it our responsibility to help guide students towards making 'correct' decisions for their long term happiness. Or is it something else? Is he preparing society for a harder, less prosperous future? Is it a prelude to how the traditional high earning careers will be constrained through regulatory reform? Is it all of the above?