A study by the financial planner Empower found that 59 percent of Americans believe money can buy happiness, and that it costs around $1.2 million.
But just 17 percent said financial happiness can be defined by a certain net worth. Around two-thirds equate financial happiness with an on-time bill payment and being debt-free.
The Empower “Financial Happiness” study surveyed 2,034 Americans above the age of 18 between Aug. 7 and 14. There was an overall margin of error of 2.9 percentage points.
Pollsters found the first word that comes to people’s mind when asked about financial happiness is “freedom,” followed by “security” and “relief.”
The average salary Americans said would make them happy was $284,167 per year. Men’s price point — $381,000 — was much higher than average of $183,000 for women.
There was also a big generational divide. On average, Millennials listed the highest salary, $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 percent, said gaining $15,000 would have a meaningful impact on their lives, while 42 percent said a $25,000 gain would make a big difference.
The vast majority of Americans, 73 percent, reported feeling financial stress amid high inflation and interest rates. A growing share of American workers believe they may have to delay their retirement, if it ever happens at all.
The Hill’s Miranda Nazzaro has more here.
