Millennials Say Over $500K annually would buy them Happiness: Report

JD_co

https://themessenger.com/news/millennials-say-over-500k-would-buy-happiness-report?utm_source=onsite&utm_medium=latest_news


Each generation has a different idea of the cost of happiness. For millennials, more than $500,000 annually would be the key.

In a survey conducted by The Harris Poll, 2,034 Americans ages 18 and older were asked about the secrets to financial happiness. Financial services company Empower released the results Monday, which determined the average person believes having $1.2 million is needed to attain financial happiness.

The average person would need a salary of about $284,164 every year to be happy, according to the survey, but the results did vary by generation.

Boomers said they needed the least amount of money, asking for an annual salary of $124,000 and a net worth of $999,945. They were followed by Gen Z, who sought a $128,000 salary and a net worth of $487,711.

Gen X respondents said they wanted a $130,000 salary and a net worth of $1,213,759, per the survey. Millennials said they needed the most, asking for $525,000 annually and a net worth of $1,699,571.

Women reported needing less than half of what men said they would need, asking for an annual salary of $183,000 compared to $381,000 for men.

Some researchers say millennials are not wrong. Nobel Prize recipient Daniel Kahneman co-authored a 2023 study that found that earning up to $500,000 a year can improve a person's happiness.

MikeM

Me thinks millennials live in a different world than the rest of us!

Nobel Prize recipient Daniel Kahneman co-authored a 2023 study that found that earning up to $500,000 a year can improve a person's happiness.

Well, duh. I hope he didn't win the Nobel Prize just by that statement.

Observant1

There will be lots of millennials who will be disappointed!

Sven

The average person would need a salary of about $284,164 every year to be happy, according to the survey, but the results did vary by generation.

That would be nice for average household. Realistically how many families meet that income level?

JD_co

Sven said:

The average person would need a salary of about $284,164 every year to be happy, according to the survey, but the results did vary by generation.

That would be nice for average household. Realistically how many families meet that income level?

About 6%, if this site is correct: https://dqydj.com/household-income-percentile-calculator/

Mark

I wonder how much of that "average" is pulled up by the bazillionaires. What defines the average household anyway? I live in a rural community where I highly doubt more than a handful is pulling down $284K/yr or even $184K/yr. $84K/yr maybe some.

Anna

In the town I live in the median price of a house is currently a little more than 10x the median household income. Even if $500K is excessive, the younger you are, the more you need to just sustain a middle-class existence.

JD_co

https://awealthofcommonsense.com/2023/11/my-sacreligious-personal-finance-beliefs/

"The Wall Street Journal recently shared research on how much money people need to make to be happy:

In the survey, most people said it would take a pretty significant pay bump to deliver contentment. The respondents, who had a median salary of $65,000 a year, said a median of $95,000 would make them happy and less stressed. The highest earners, with a median income of $250,000, gave a median response of $350,000.

RE: Chart

It’s tragic because it shows contentment is basically impossible to find. Regardless of how much you make, you’ll always want more. The goalposts just keep moving."

Observant1

JD_co said:

[snip]
It’s tragic because it shows contentment is basically impossible to find. Regardless of how much you make, you’ll always want more. The goalposts just keep moving."

Many people find it difficult to avoid the hedonic treadmill.