This paper tests the hypothesis that utility depends on income relative to a 'comparison' or reference level. Using data from 5,000 British workers, it provides two types of evidence. First, workers' reported satisfaction levels are inversely related to their comparison wage rates. Second, satisfaction levels are strongly declining with education, with college graduates having the lowest job satisfaction. The results suggest that individuals are sensitive to relative income comparisons. The paper contributes to the economics of job satisfaction by showing that job satisfaction is significantly negatively correlated with comparison income and that higher education levels are associated with lower satisfaction. The findings support the idea that utility depends on the gap between outcomes and aspirations, with education raising aspiration levels. The study uses self-reported satisfaction data and compares it with earnings models to estimate comparison income. The results indicate that comparison income has a significant negative effect on job satisfaction, and that satisfaction is more strongly related to relative income than absolute income. The paper also finds that higher education levels are associated with lower job satisfaction, suggesting that education increases aspirations and makes individuals harder to satisfy. The study highlights the importance of relative income comparisons in understanding job satisfaction and challenges conventional economic theories that focus on absolute income.This paper tests the hypothesis that utility depends on income relative to a 'comparison' or reference level. Using data from 5,000 British workers, it provides two types of evidence. First, workers' reported satisfaction levels are inversely related to their comparison wage rates. Second, satisfaction levels are strongly declining with education, with college graduates having the lowest job satisfaction. The results suggest that individuals are sensitive to relative income comparisons. The paper contributes to the economics of job satisfaction by showing that job satisfaction is significantly negatively correlated with comparison income and that higher education levels are associated with lower satisfaction. The findings support the idea that utility depends on the gap between outcomes and aspirations, with education raising aspiration levels. The study uses self-reported satisfaction data and compares it with earnings models to estimate comparison income. The results indicate that comparison income has a significant negative effect on job satisfaction, and that satisfaction is more strongly related to relative income than absolute income. The paper also finds that higher education levels are associated with lower job satisfaction, suggesting that education increases aspirations and makes individuals harder to satisfy. The study highlights the importance of relative income comparisons in understanding job satisfaction and challenges conventional economic theories that focus on absolute income.