Money might actually buy happiness, but each generation has a different idea on how much is needed to achieve the goal.
A new study from Empower, a financial services company, found that 6 out of 10 Americans, or 59%, believe having more money will make one happy.
The study was conducted by The Harris Poll in August and included 2,034 online survey responses from Americans 18 years old or older.
Here is how much each generation said they needed to earn annually to truly be happy.
|Age (Decades)||Avg. net worth||Median net worth|
While each generation has a different price tag for financial happiness, on average, Americans believe that having $1.2 million in the bank will make one truly happy financially, according to the study.
The road to financial happiness isn’t easy, with 73% of respondents saying they are experiencing financial stress due to the current economy.
It’s more than just annual income; the study found that inflation, high-interest rates, and student loans impact Americans’ financial security. On average, respondents said that the ability to spend money comfortably on everyday items would boost the feeling of financial happiness, the study said.
Similarly, most people expect that they will have to delay their expected retirement by three years, while others haven’t created a retirement plan yet.
Nearly 71% of respondents believe having more money would solve most of their problems.
About 32% of respondents believe that gaining $15,000 would have a “meaningful impact in their lives,” according to the study.