Finance
January 1, Americans Declare: Money Buys Happiness, Unveil Ultimate Price Tag!
A majority of Americans believe that money can buy happiness, with a new poll from financial services firm Empower revealing that about 6 in 10 Americans hold this view. However, the price of happiness doesn’t come cheap, as most respondents said they’d need a significant raise and a substantial amount of money in the bank to achieve it.
Currently, the median household income in the U.S. is around $74,000 annually, but those surveyed by Empower stated they’d need to earn approximately $284,000 each year to achieve happiness. Furthermore, Americans said they’d need a staggering $1.2 million in the bank to feel content.
These findings emerge at a time when Americans are feeling more stressed about money, partly due to the impact of inflation. Workers are unlikely to receive the kind of raises that would put them near the $284,000 mark, as the average raise will be about 3.9% in 2024, according to consulting firm Mercer.
Interestingly, most generations said they believed earning a low six-figure income would bring them happiness, except for millennials. This group stated they would need to earn more than half a million a year to feel joy. Empower suggests that millennials may have higher financial aspirations due to significant headwinds they’ve experienced in their adult lives, such as the Great Recession and struggles to enter the housing market.
The study, conducted by The Harris Poll, found that about 7 in 10 Americans said having more money would solve most of their problems. This research adds to the ongoing debate about the relationship between finance and happiness.
Earlier this year, Nobel Prize-winning economist Daniel Kahneman and fellow researchers found that money delivers a continual return on investment up to earnings of $500,000 per year. Beyond that figure, money had little impact.
Empower’s research also discovered that happiness isn’t solely about achieving a specific net worth. According to the survey, 67% of respondents said being able to pay their bills on time would increase their happiness. Over half of the participants said having no debt and being able to afford luxurious items without worry would boost their moods, while 45% believe owning a home would make them happier.
Why It Matters
This poll shows that 6 in 10 Americans believe money can buy happiness, with a hefty price tag of $284,000 a year and $1.2 million in the bank. It’s concerning that we’ve become a nation obsessed with material wealth, expecting it to solve our problems.
Our hardworking citizens deserve better. We need to focus on traditional values, like family, faith, and personal responsibility, rather than chasing after a shallow definition of happiness.
Let’s not forget that happiness is subjective and should not be tied to a dollar amount. Instead of relying on big paychecks, we should encourage self-reliance and the pursuit of true contentment that comes from within.
As our loyal readers, we encourage you to share your thoughts and opinions on this issue. Let your voice be heard and join the discussion below.
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Nate
November 25, 2023 at 8:15 am
NO! Money does NOT buy happiness, it just helps from being completely phucking miserable!
Nate
November 25, 2023 at 8:17 am
My previous comment is “awaiting moderation”. I wish they would moderate the ads that repeat over and over and over again and again!!!!
Audrey Spaulding
November 25, 2023 at 10:02 am
I am an older woman and a Widow! I have enough money for my own bills! How ever I have savings for the property taxes! Our Goevernor tried to get us to turn over our Tabor refund and we voted it down. We need our Tabor Refunds to help pay our taxes with! I have rented out a bedroom and a bath to someone and that will help pay my taxes! Now I have a problem with my kitchen stove ! I hope I do not have to buy a new one ! Our is a Democrat and has money of his own ! He wants to take care of Abortions and the Gays in the Stste plus he has allied millions of Illegals to come here as well ! We can’t afford to take care of any of that
Steven Francisco
November 25, 2023 at 2:27 pm
I am willing to BET that 100% of those that claim $X would make them happy make less that half of $X.
Philip O Anderson
November 26, 2023 at 1:14 pm
Money will not buy you happiness, only the want for more. happiness comes through the heart.
JimmyF
November 27, 2023 at 8:00 pm
The national average family income is somewhere near $70K\yr. We need to remind these delusional youth that folks living in the most expensive cities in the state of California or NY probably need closer to $90K\yr to live reasonably well. In Texas we’d get pretty happy on that amount!
Rick
March 2, 2024 at 6:44 am
Money may Not BUY You happiness, But being able To pay ones Bills on Time sure makes us happy, and not having to pay for Comrade Biden’s blunders into war, or his Voting Fraud, AKA: the border crisis, and continuous vacations, and his 87,000 ARMED IRS AGENTS & CIA posts in Other Countries which led to those wars, would go a long way to help.
gman4691
March 2, 2024 at 11:25 am
The love of money is the root of all evil.