SEEKING JOY IN DOLLARS: HOW MUCH MONEY DO YOU NEED TO BE 'HAPPY' IN AMERICA?

'Can money buy happiness?' According to a survey of Americans by financial services firm Empower, the answer is yes. As per the Empower survey, about 6 in 10 of Americans believe money can buy happiness.

The key findings from a survey of 2,034 US adults reveal that 59% of Americans, including a higher percentage of Millennials and Gen Z, believe money can indeed buy happiness. The concept of financial happiness for most Americans is tied to freedom, security, and relief.

"If financial happiness has a price tag, the average person believes it amounts to $1.2 million," the survey said. However, smaller financial gains also have a significant positive impact on wellbeing. For instance, an additional $15,000 could meaningfully improve life for 32% of Americans, and a $25,000 increase would affect 42%.

The average American household earns about $74,000 annually, but according to the Empower poll, a substantial increase to approximately $284,000 per year is necessary for achieving happiness.

The study also highlights that financial happiness is not just about accumulating wealth but involves achieving certain milestones like paying bills on time, living debt-free, affording everyday luxuries, and owning a home. Over half of the respondents find contentment in spending on experiences with loved ones and are optimistic about retiring on their own terms.

Despite these aspirations, 67% of Americans face roadblocks to happiness, primarily due to financial stress caused by factors like inflation, rising costs, and debt. In today's economic climate, many anticipate needing to postpone their retirement by an average of three years, pushing the age to 63.

The research shows a significant gap in financial preparedness, with many Americans unable to handle unexpected expenses over $500.

The survey also underscores the importance of having a detailed financial plan. Americans with a comprehensive financial plan report greater happiness in money matters and overall life satisfaction. However, access to financial advice remains a challenge for many.

As per the survey, Americans think that an increase in financial well-being would enhance overall health (79%), lead to greater productivity and creativity in the workplace (77%), contribute to the creation of generational wealth (84%), motivate individuals to give back to others (78%), and aid in narrowing the wealth disparity (75%).