This paper tests the hypothesis that utility depends on income relative to a 'comparison' or reference level. Using data from 5,000 British workers, the authors find that reported satisfaction levels are inversely related to comparison wage rates and strongly decline with education level. College graduates, for example, report the lowest job satisfaction. The paper contributes to the economics of job satisfaction and suggests that reported satisfaction statistics can be used as proxy utility data. The findings indicate that happiness depends on relative income rather than absolute income, challenging conventional economic theory. The implications for policy and understanding well-being at work are discussed.This paper tests the hypothesis that utility depends on income relative to a 'comparison' or reference level. Using data from 5,000 British workers, the authors find that reported satisfaction levels are inversely related to comparison wage rates and strongly decline with education level. College graduates, for example, report the lowest job satisfaction. The paper contributes to the economics of job satisfaction and suggests that reported satisfaction statistics can be used as proxy utility data. The findings indicate that happiness depends on relative income rather than absolute income, challenging conventional economic theory. The implications for policy and understanding well-being at work are discussed.