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Happiness is a fundamental objective of human life. However, the behavioral and economic cost of achieving happiness remains inadequately addressed in the literature. This paper critically examines the empirical research on happiness economics from 2010-2025, focusing on the role of income, spending behavior, and subjective well-being. Existing literature emphasizes absolute and relative income and consumption patterns, but the life cycle effect and emotional returns from spending remain unexplored. Adult centered research dominates; youth are rarely discussed, despite their unique socio-economic position, limited financial authority, evolving decision making, and cultural influences. The paper argues that happiness contains tangible and intangible costs that extend beyond income and wealth measures. Synthesizing 27 core studies and identify key themes. The study concludes by recommending that culturally grounded, youth-focused research should be conducted to better understand the well-being and emotional returns, and policy formation to enhance youth happiness and well-being.

Key Words: Happiness, Emotional returns, Wellbeing, Spending, Youth.