IN SHORT: According to research by Purdue University and published in "Nature Human Behavior," people don’t actually need as much as they think to be happy. $95,000 a year was the “ideal income point” when it came to life evaluation, meaning for individuals to be happy with their life on the whole. Anywhere between $60,000 to $75,000 a year was the amount needed for emotional well-being, which is when individuals are generally happy each day and content with their situation.
FULL STORY: While money can’t buy you happiness, most people will say it sure can help. But just how much money does a person need to be happy? Well, a new study has the answer.
According to research by Purdue University and published in "Nature Human Behavior," folks don’t actually need as much as they think to be happy, although the actual sum may depend on where they’re living. The study is the result of a survey of over 1.7-million people in 164 countries, which asked folks how much money they thought they needed for emotional well-being, and “life evaluation,” a.k.a. overall satisfaction with life.
In the end, the study found that for individuals (not families), $95,000 a year was the “ideal income point” when it came to life evaluation, meaning for folks to be happy with their life on the whole. Meanwhile anywhere between $60,000 to $75,000 a year was the amount needed for emotional well-being, which is when folks are generally happy each day and content with their situation.