This article was originally published on English
Euronews Business joins the admittedly academic debate about how much money you need to be happy. Read on and find out more.
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The answer to this age-old question may be different for everyone, but recent studies from Europe and the US have found that money can actually buy happiness.
In the USA, 6 out of 10 people believe this, according to a survey by the financial service provider Empower, which was carried out by the demoscopy institute Harris Poll. US millennials (the generation born between 1981 and 1996) cited a pretty steep price: They need an annual salary of $525,000 (€480,700) to feel financially happy.
The average American, on the other hand, would settle for $284,167 per year. Generation Z demands $128,000, Generation X demands $130,000, and Boomers say $124,000 per year would be enough.
If financial happiness has a price, the average American believes it amounts to a net worth of $1.2 (€1.1 million).
Europeans, on the other hand, appear to be content with less: people in Western Europe and Scandinavia cited $100,000 (€91,561) per year as a turning point in their life evaluation and real-life satisfaction; However, having more than this amount could positively change how they think about their lives, according to a 2018 study by Purdue University. In Eastern Europe, this amount was far lower at $45,000 (€41,202).
However, the study also claims that emotional well-being, i.e. the happiness experienced in practice, only increases with incomes of up to $50,000 in Western Europe and $35,000 in Eastern Europe.
On the other hand, more money has no additional influence on how happy people are. Since the study was carried out a few years ago, Euronews Business adjusted the figures for inflation and found that today the amount would be €58,205 for Western Europeans and €40,690 for Eastern Europeans.
What exactly is financial well-being?
According to the US study, financial well-being brings respondents freedom, security and relief.
Specifically, the survey found that for 67 percent of respondents, financial well-being is synonymous with the ability to pay bills on time, for 65 percent it is to live debt-free, and for 54 percent of respondents it is to be able to afford everyday luxuries without worry , and for 45 percent of those surveyed, owning their own home.
For more than half of those surveyed, experiences with loved ones were also important, while for 37 percent of those surveyed, self-determined retirement was an important factor. Nearly four-fifths of Americans surveyed agreed that financial well-being improves their health and leads to greater productivity and creativity at work. 73 percent added that they would quit social media if it made them happier financially.
In harsh reality, 73 percent of Americans report experiencing financial stress, and a recent study shows that 85 percent of Europeans feel either are in a precarious financial situation or need to manage their expenses carefully.
What do the rich say?
Having a lot of money doesn’t necessarily make you happy, but it helps. 81 percent of the wealthiest Europeans with a personal income of €100,000 are happy, but 75 percent of those who earn less (but are still wealthy) also said they were happy.
However, the richest are significantly more satisfied with their work (73%) than those with an annual income of less than 100,000 euros (65%).
Age also plays a role: The more mature wealthy are more satisfied with their lives than their peers under 35, the study found. The wealthy in Western Europe are happier than those in Eastern Europe, and exercise also increases happiness levels, although this probably applies to everyone.
Where is it most expensive to “become happy”?
The purchasing power-adjusted figures from the Purdue University study show that the income desired to be happy is highest in the world in Iran (€219,837) and in Norway (€107,969) and Switzerland (€106,154) in Europe.
According to the study, in London you need the equivalent of €94,490.
2024-01-12 23:10:17
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