In a recent study by financial planner Empower, it was found that 59 percent of Americans believe that money can buy happiness, with the cost estimated to be around $1.2 million. Two-thirds of respondents equate financial happiness with on-time bill payments and being debt-free, while just 17 percent said it could be defined by a certain net worth.
The survey, which included 2,034 Americans over the age of 18 between Aug. 7 and 14, found that the first words people associate with financial happiness are “freedom,” “security,” and “relief.” The average salary Americans said would make them happy was $284,167 per year. Men’s price point was significantly higher at $381,000 compared to the average for women at $183,000. There was also a generational divide in salary expectations, with Millennials listing the highest salary at $525,000 while Generation Z had the lowest expectation at $128,000.
More than seven in ten respondents reported feeling financial stress amid high inflation and interest rates. A growing share of American workers believe they may have to delay retirement if it ever happens at all. Nearly a third (32%) said gaining $15,000 would have a meaningful impact on their lives while 42% said a gain of $25,