2023-11-26 17:21:06
Americans Believe Money Can Buy Happiness
A new survey conducted by the financial services company Empower has revealed that a majority of Americans believe that money can buy happiness. The survey found that six in ten Americans believe that having more money can lead to greater life satisfaction.
When asked how much money was needed to feel happy, participants provided varying responses depending on their generation. On average, Americans said they needed about $1.2 million net to feel financially happy. However, Generation Y (born from the 1980s to 1997) claimed they needed $1.7 million net, while Generation X (born in the 1960s to early 1980s) indicated they needed $1.2 million and Baby Boomers (born in 1946 – 1964) said they needed a little less than $1 million.
Generation Z, the youngest generation born in 1997 to the middle of the second decade of the 21st century, indicated that they needed on average $487,000 net to feel financial happiness. Millennials, on the other hand, cited the highest annual salary they needed to feel happy, which was four times higher than any other generation. This suggests that younger generations have higher expectations for financial happiness.
The survey also found that 72% of millennials agree that money can buy happiness, more than any other generation. Additionally, participants stated that the average annual income needed to feel less stressed is $95,000, compared to the $65,000 they currently earn on average per year. However, only 17% of participants indicated that reaching a certain amount of wealth would make them feel financially happy, with 67% saying that paying all bills on time is what makes them financially happy.
The survey’s findings highlight the complex relationship between money and happiness, as well as the differing expectations and perceptions of financial happiness across different generations. It also raises important questions about how financial well-being and life satisfaction are intertwined.
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