A study by financial planner Empower has shown that 59% of Americans believe that money can buy happiness, with an estimated cost of $1.2 million. Two-thirds of respondents equated financial happiness with on-time bill payments and being debt-free, while just 17% said it could be defined by a certain net worth.
The survey, conducted among 2,034 Americans over the age of 18 between August 7th and 14th, had an overall margin of error of 2.9 percentage points. When asked about financial happiness, the most common responses were “freedom,” “security,” and “relief.”
On average, respondents said that a salary of $284,167 per year would make them happy. Men’s price point was significantly higher at $381,000 compared to the average of $183,000 for women. There was also a significant generational divide: Millennials listed the highest salary at $525,000 while Generation Z said $128,000 and Boomers said $124,000.
More than seven in ten respondents said that having more money would solve most of their problems. Nearly a third (32%) said gaining $15,