If money could buy happiness, the average person believes it could be bought for just over $1 million, according to a new poll.
a Research published by According to financial planner Empower, more than half of Americans (59%) say they believe money can buy happiness. And if it does happen, it is said to cost about $1.2 million.
Still, fewer than one in five respondents (17%) say financial well-being is defined by reaching a certain net worth. About two-thirds also associate their financial well-being with paying their bills on time and being debt-free.
The pollster found that among American adults surveyed, the first word that comes to mind when most people think of financial well-being is “freedom,” followed by “safety” and “peace of mind.” .
When it comes to salaries, the average price Americans put on happiness was $284,167 per year, while the average price for men was $381,000, much higher than the average price for women at $183,000.
Millennials had the highest salary value at $525,000, followed by Gen Z at $128,000, Gen X at $130,000, and baby boomers at the lowest at $124,000.
71% of respondents said more money would solve most of their problems, and nearly a third (32%) said having $15,000 would have a meaningful impact on their lives. I answered. If you ask about a $25,000 profit, that number increases to 42 percent.
According to the survey, a majority of Americans (73%) report feeling financial stress amid high inflation and interest rates. More than half of them, 54%, said they were in debt, and 36% said they couldn’t handle an unexpected expense of more than $500 without really worrying.
Nearly two-thirds (67%) say their income has not kept pace with inflation, and 42% say their standard of living has declined. Empower said most of those surveyed expect to retire several years later than expected, at an average age of 63.
These findings follow a variety of other studies showing that a growing percentage of U.S. workers believe they may delay or, in some cases, never retire.
The Biden administration has faced harsh criticism in recent months over stubborn inflation, Federal Reserve interest rate hikes and increasing burdens on many Americans.
The White House has stepped up its message about “Bidenomics” in recent days, as recent polls show a majority of Americans feel the country’s economic situation is worsening. Some people place the blame on President Biden’s policies..
Empower’s “Financial Wellbeing” survey surveyed 2,034 Americans ages 18 and older from August 7th to 14th. The overall margin of error is 2.9 percentage points.
Copyright 2023 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
