Money can buy happiness (temporarily): Results of Sam Altman's Basic Income study

Total individual savings for recipients increased by nearly 25%.

What’s your take on UBI, i.e. Universal Basic Income, i.e. a social welfare proposal in which all citizens of a given population regularly receive a minimum income in the form of an unconditional transfer payment.

Given the expected AGI moment, tech billionaires are exploring UBI and OpenAI’s Sam Altman went ahead investing $14mn in one such project.

The results of Sam Altman's groundbreaking basic-income study have been released, revealing significant insights into the impact of guaranteed income on low-income individuals.

This study, one of the largest of its kind in the U.S., provided participants with $1,000 a month for three years, without any conditions. Here are the key points from the findings:

A quick overview of the study

• Participants: 3,000 low-income individuals from Texas and Illinois, all earning below $28,000 annually.

• Structure: One-third received $1,000 monthly, while a control group of 2,000 received $50 a month. No participants lost existing benefits.

• Funding: Sam Altman, CEO of OpenAI, raised $60 million for the study, including $14 million of his own funds.

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Key Findings

• Financial Stability: Recipients primarily used the extra money for essential needs like rent, food, and transportation, improving their financial stability.

• Workforce Engagement: Contrary to concerns, participants didn't drop out of the workforce entirely. Instead, they worked fewer hours, potentially seeking more fulfilling or higher-paying jobs.