It has become a cliché to say that we are made happier by experiences than by material possessions – otherwise the Onion headline, “Executive Quits Fast Track To Spend More Time With Possessions” wouldn’t provoke quite the same chuckle.

But is the cliché true? We are all free to spend our disposable income on what we like. If the experiences we buy tend to make us happier than the possessions we buy, we’re making systematic mistakes. That’s possible – but if so, then why?

Maybe it isn’t a fair comparison. Many material possessions are workaday basics such as saucepans, ironing boards and socks. Many experiences are free, meaning the ones that cost money are treats – no wonder the average possession looks joyless compared with the few special experiences we’ve bought. It doesn’t follow that a windfall should definitely be spent on a spa weekend rather than an iPad.