Does happiness have a price? For a majority of Americans, the answer is yes — but it doesn’t come cheap.
About 6 in 10 of Americans believe money can buy happiness, according to a new poll from financial services firm Empower. Yet to achieve happiness through financial means, most people say they’d need a significant raise, as well as a big chunk of money in the bank.
Median household income in the U.S. stands at about $74,000 annually, but respondents told Empower that they’d need to earn roughly $284,000 each year to achieve happiness.
And as for wealth, Americans said they’d need even more in the bank to feel content: $1.2 million, to be exact, the poll found. Many people are wealthier than they were a few years ago, thanks to the rise in real estate and stock market values, yet the median net worth of U.S. households stood at $192,900 in 2022, according to the Federal Reserve.
$1.2 MM seems crazy to me. With one sudden influx of $200k I could pay off literally every debt I owe, and would have significantly more money than I’d spend just living normally.
With $1.2MM I’d never have to work again, I guess maybe that’s what people are aiming for?
With cost of living in a lot of areas they would still need to work to afford a home, but would have a lot more flexibility and an actual expectation of being able to retire when they want to with 1.2 million.