The study looked at how income and social status affect people's happiness. Previous research suggested that where you stand in terms of income compared to others is more important than how much money you actually make. However, when looking at data from the UK over 20 years, the researchers found that both income rank and how much money you have are important for happiness, but their impact varies depending on age and retirement status. This means that while being higher in income rank can make you happier, how much money you actually have and how you compare to others also play a role in determining your life satisfaction.