Exactly How Much Money You Need To Be Happy, According To New 2024 Poll
Despite the common phrase that money can't buy happiness, it definitely does provide a bit of comfort that people seem to be lacking.
Ground Picture | Shutterstock While we've all heard the common phrase that "money isn't everything" and "money can't buy happiness," it might not be true for some Americans.
Financial stability is a constant stressor for most Americans, and unfortunately, a staggering number of people in this country cannot afford to live their day-to-day lives. However, a recent poll found that there may be a specific amount that people can earn that might finally achieve that sense of security and happiness.
Americans revealed how much money they need to be happy, according to a new 2024 poll.
In a poll conducted by CardRates, most Americans (56%) said they’d be happy with a $200k liquid net worth. When it came to people's salaries, their contentment varied by current income.
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While 66% of those earning $40k would be happy with a $100k salary, only 39% of those earning $150k feel the same. Similarly, millennials report higher contentment levels at increased salaries compared to Gen Zers.
For instance, 75% of millennials surveyed would feel content with a $150k salary, compared to 71% of Gen Zers.
But it seems $200K may be the answer. Participants in the poll admitted that a significant cushion like that could cover life’s unexpected expenses, provide a comfortable retirement, and allow for a few luxuries. $200k signifies financial freedom for many, especially when inflation is skyrocketing.
This is a big jump from 2010 when the number associated with American happiness was $75k in yearly income.
Salary contentment does seem to vary depending on a person's income group.
If you’re earning around $40k annually, reaching a salary of $100k can feel like hitting the jackpot. About 66% of those in this income bracket would be thrilled with that figure.
Those making $75k a year (the median income for U.S. households in 2022) show less excitement about $100k, with only 61% feeling satisfied. This percentage drops even further to 39% for those earning $150k (who are generally pretty satisfied with their own salary).
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"A good exercise is to look at the question of whether or not money equals happiness in reverse: Does not having enough money for essentials equal misery? For most, the answer is a definite, 'yes.' It’s stressful, depressing, and sometimes embarrassing," CardRates Finance Expert Erica Sandberg said.
"For some, it’s $200k, but, as the data shows, that is absolutely not always the case. I encourage everyone to carefully consider their magic number. When you come up with it, ask yourself, 'Why?' Where does it come from, and what will it do for you?"
Salary is often the top cause of dissatisfaction among working-class people.
According to a survey by the Society for Human Resource Management, 47 percent of respondents said salary is their biggest gripe when it comes to job satisfaction.
Other sticking points for U.S. workers include workload (24 percent), lack of opportunities for advancement (21 percent), and the employee's manager or supervisor (21 percent).
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Thanks to inflation combined with stagnant wages, it's getting significantly harder to afford the basic necessities that come with living and keeping a roof over your head.
Food on the table, physical health, and a bed to sleep in at night are all becoming quite hard to afford, and what people are earning at their jobs doesn't seem to be covering it anymore.
Similarly, an Ipsos Poll from their Consumer Tracker showed the thorn in the side of many Americans' contentment: their income. While the majority of the 1,100-plus people surveyed reported high levels of satisfaction in their work (82%), family life (81%), and life in general (81%), that satisfaction rate fell to 58% when it came to their salary.
The good news is that inflation reached its lowest levels in over two years in June, bringing just a bit of optimism that there may be a light at the end of the tunnel.
Nia Tipton is a Chicago-based entertainment, news, and lifestyle writer whose work delves into modern-day issues and experiences.