They say money can’t buy happiness, but a recent survey has indicated how much money you need to be truly happy.
Psychology researchers at Purde University have assessed data from over 1.7 million people and settled on an average figure.
In order to achieve total emotional wellbeing, the magic figure you’ll need to be earning is $120,000 a year (Australian dollars.) Andrew T. Jebb – who led the study – indicates that the figure will likely be higher for those providing for a family.
Surprisingly, the study found that happiness begins to decrease for amount earning over $120K. Why? Because the more you earn, the more you crave material items to try compete in damaging social comparisons.
“At this point they are asking themselves, ‘Overall, how am I doing?’ and ‘How do I compare to other people?'” Jebb said.
“The small decline puts one’s level of well-being closer to individuals who make slightly lower incomes, perhaps due to the costs that come with the highest incomes. These findings speak to a broader issue of money and happiness across cultures. Money is only a part of what really makes us happy, and we’re learning more about the limits of money.”