"...(Tim) Kasser has found that people who have materialistic mindsets have lower levels of happiness than people who are focussed on other things.
The mechanism, he says, works like this: People with materialistic mindsets are focussed on accumulating wealth, status and power over pursuing their innate talents, forming close relationships with other people, and working for a cause greater than themselves.
...So, people with materialistic mindsets, hypothesizes Kasser, are less satisfied not so much because they are pursuing materialistic goals, but rather because they are not pursuing those
goals which research has shown to deliver happiness."
magazine excerpt - common ground, nov. 2007, "Enough...", by E.B. BOYD, pg. 34-35: