A recent study by financial planner Empower sheds light on the relationship between money and happiness in America. According to the survey, 59% of Americans believe that money can buy happiness, with an estimated cost of around $1.2 million. The majority of respondents equate financial happiness with being debt-free and making on-time bill payments, while only 17% said that net worth is the defining factor.
The study surveyed 2,034 Americans aged 18 and above between August 7th and 14th, with a margin of error of 2.9 percentage points. When asked about financial happiness, the most common responses were “freedom,” “security,” and “relief.”
When it comes to salaries, the average amount needed to make Americans happy is $284,167 per year. Men’s price point was significantly higher at $381,000 compared to the average salary for women at $183,000. There was also a generational divide in salary expectations: Millennials listed the highest salary at $525,000 while Generation Z named $128,000; Generation X set their goal at $130,000 while Boomers aimed for $124,