A new study by financial planner Empower sheds light on the relationship between Americans and money. According to the survey, which polled 2,034 Americans aged 18 and above between August 7th and 14th, 59% of respondents believe that money can buy happiness. However, the cost of achieving this level of happiness is estimated to be around $1.2 million.

The study also found that two-thirds of Americans equate financial happiness with being debt-free and making on-time bill payments. Only 17% said that net worth was the definition of financial happiness.

When asked about the first word that comes to mind when thinking about financial happiness, respondents most commonly mentioned “freedom,” followed by “security” and “relief.”

The average salary needed for Americans to achieve financial happiness was $284,167 per year. The price point for men was much higher at $381,000 compared to an average of $183,000 for women. There was also a significant generational divide in this area, with Millennials listing the highest salary at $525,000 while Generation Z said $128,000.

Over 7 in 10 respondents said they believed more money would solve most of their problems. Nearly a third (32%) said a gain of $15,000 would have a meaningful impact on their lives while 42% said a gain of $25,000 would make a big difference. Despite these findings, it appears that many Americans are experiencing financial stress due to high inflation and interest rates. In fact, over three-quarters (73%) reported feeling stressed in this area. Additionally, a growing share of American workers believe they may have to delay their retirement if it ever happens at all due to these pressures.

Miranda Nazzaro from The Hill has more details on this topic here: https://thehill.com/

By Editor

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