A recent study by financial planner Empower has shed light on the relationship between money and happiness in America. According to the survey, 59% of Americans believe that money can buy happiness, while 17% define financial happiness as a certain net worth. However, two-thirds of respondents equate financial happiness with paying bills on time and being debt-free.
The study surveyed 2,034 Americans over the age of 18 between August 7-14, with an overall margin of error of 2.9 percentage points. When asked about their first thoughts on financial happiness, respondents mentioned “freedom,” “security,” and “relief.”
The average salary that Americans said would make them happy is $284,167 per year. Men reported an average salary of $381,000 compared to $183,000 for women. There was also a significant generational divide in reported salaries. Millennials reported an average salary of $525,000 while Gen Z said $128,000 and Boomers said $124,000.
More than seven out of ten respondents said that more money would solve most of their problems. Nearly a third (32%) said a $15,000 win would have a significant impact on their lives while 42% said a $25,