A study by the financial planner Empower has revealed Americans’ thoughts on money and happiness. They found that 59% of Americans believe that money can buy happiness it costs around $1.2 million. However, just 17% said that financial happiness can be defined by a certain net worth. Two-thirds view financial happiness as an on-time bill payment and being debt-free.
The study conducted by Empower surveyed 2,034 Americans above the age of 18 during August. It revealed that the first word that comes to people’s mind when asked about financial happiness is “freedom,” followed by “security” and “relief.” Respondents noted that the average salary Americans said would make them happy was $284,167 per year. Interestingly, men’s price point was much higher than the average for women.
There was also a generational divide uncovered by the study. Millennials listed the highest salary, $525,000, while Generation Z said $128,000, Generation X said $130,000, and Boomers said $124,000. Additionally, more than 7 in 10 respondents said having more money would solve most of their problems. However, due to high inflation and interest rates, 73% of Americans reported feeling financial stress, with many stating they may have to delay retirement entirely.