By Leonard BlairSenior Features Reporter Wednesday, November 29, 2023

In her 2007 ebook The How of Happiness Distinguished Professor of Psychology on the University of California, Riverside, Sonja Lyubomirsky describes happiness as “the experience of joy, contentment, or positive well-being, combined with a sense that one’s life is good, meaningful, and worthwhile. And there is a certain amount of money that the majority of Americans believe they can buy them just that, a new study shows.

The new researchby Empower, a leader in financial planning, investing and counseling, which surveyed 2,034 American adults, shows that 59% of Americans, including 72% of Millennials and 67% of Gen Z, believe that happiness can be had for a price of $1.2. a million

As many households continue to endure the pain of inflation in their budgets, about 71% of respondents say that having more money would solve most of their problems while 32%, including 37% of Boomers say that an income of just $15,000 could make them happy for six. months

With earnings of just $25,000, 42% of respondents said they would be happy for six months, while 17% of respondents said earnings of just $5,000 would make them happy for six months.

Researchers have also found that for some people, financial happiness can come from just being able to pay their bills on time. A majority of respondents, 67%, agreed with this perspective. Another 65% said living debt-free would make them happy, while 45% said owning a home would do the same. Some 37% said being able to retire on their own terms would make them happy, while 53% of respondents said they could find happiness if they could spend money on experiences they love.

Unfortunately, however, 73% of Americans say they are experiencing financial stress and people on average expect to have to delay their retirement by three years. Adults who do not have a financial plan expect to have to delay their retirement by five years.

A significant majority of respondents, 81%, cited inflation as a factor in their sense of prosperity. A similar share pointed to rising costs while 66% pointed to rising interest rates.

“More than half of individuals say they’ve debt (54%, and 72% of Gen X), and 36% couldn’t deal with an surprising expense over $500 with out actual concern,” researchers noted.

“For many, well-being is rooted in a sense of security of a financial plan (73%). Americans with a more detailed financial plan are about three times more likely to report greater happiness in money matters, including goal setting, debt, net worth and financial allies,” they added. “However, 43% imagine that entry to recommendation is past their attain, and 57% say they need that they had acquired monetary recommendation sooner.”

While most folks in the present day give attention to their funds, Lyubomirsky noted in a 2010 presentation on “What Determines Happiness?” that research shows that about 50% of happiness is determined by people’s genes. About 10% lies in life circumstances, while about 40% is determined by intentional actions people take to be happy.