A study by financial planner Empower has found that 59% of Americans believe money can buy happiness, and it costs around $1.2 million to achieve it. Two-thirds equate financial happiness with on-time bill payments and being debt-free, while just 17% define it by a certain net worth.
The survey of 2,034 Americans aged over 18 between Aug. 7 and 14 found that the first word people associate with financial happiness is “freedom,” followed by “security” and “relief.” The average salary Americans said would make them happy was $284,167 per year, with men’s price point at $381,000 compared to an average of $183,000 for women.
There was also a significant generational divide in the survey results. On average, Millennials listed the highest salary at $525,000, while Generation Z said $128,000, Generation X said $130,000 and Boomers said $124,000. More than 7 in 10 respondents said having more money would solve most of their problems. Nearly a third (32%) said gaining $15,