Most people say they'd need a significant pay raise and considerable wealth to achieve contentment, a new poll shows.

Does happiness have a price? For a majority of Americans, the answer is yes — but it doesn’t come cheap.

About 6 in 10 of Americans believe money can buy happiness, according to a new poll from financial services firm Empower. Yet to achieve happiness through financial means, most people say they’d need a significant raise, as well as a big chunk of money in the bank.

Median household income in the U.S. stands at about $74,000 annually, but respondents told Empower that they’d need to earn roughly $284,000 each year to achieve happiness.

And as for wealth, Americans said they’d need even more in the bank to feel content: $1.2 million, to be exact, the poll found. Many people are wealthier than they were a few years ago, thanks to the rise in real estate and stock market values, yet the median net worth of U.S. households stood at $192,900 in 2022, according to the Federal Reserve.

  • athos77@kbin.social
    4·
    8 months ago

    Median household income in the U.S. stands at about $74,000 annually, but respondents told Empower that they’d need to earn roughly $284,000 each year to achieve happiness.

    $74k is a good wage for one person (and an okay wage for a couple) who lives in an area with a decent rental market, minimal college loans, a paid-off car, and good employer-supplied healthcare. It’s when you start factoring in the actual costs of housing, cars, college, and healthcare - or adding in the cost of kids - that things become unmanageable.

    • SCB@lemmy.world
      2·
      8 months ago

      Most of America, geographically, is significantly cheaper than people often think it is.

      When you can get a 3br for $600, your median income doesn’t need to be that high. Several states have a median income in the $40s - North Dakota is in the 30s, even.

      These states are generally rural, as a rule, but they directly impact the national numbers.

      If you just pulled cities of, say, greater than 200k people, I’m sure you’d see quite different numbers.

      • snooggums@kbin.social
        22·
        8 months ago

        Most of America, geographically, is pretty far away from what people want to experience. Yes, rural is cheap, but there is a distinct lack of theater, variety of culture, and massive distances to anything other than outdoor recreation in those areas. It works for some people, but not for a lot of people.

        Not to mention the lack of high paying local jobs. Sure, it is great for a technical person who can work remote and doesn’t want to go to the clubs, but that isn’t everyone.