Compared to other generations, millennials say happiness comes at a higher cost
Nov 25, 2024, 7:00 AM | Updated: 6:58 pm
FILE - In this June 15, 2018, file photo, cash is fanned out from a wallet in North Andover, Mass. (Elise Amendola/Associated Press)
(Elise Amendola/Associated Press)
SALT LAKE CITY — A majority of Americans believe that money can buy happiness, but millennials (generally those born between 1981 and 1996) think the price tag is much higher than it is for other generations.
Seventy-one percent of Americans believe having more money would solve most problems, with 59% claiming money can find happiness, according to data by Empower.
When it comes to financial happiness, millennials believe they need to make a yearly salary of $525,000, a sum nearly five times higher than that of other generations, especially baby boomers.
Baby boomers (generally those born between 1946 and 1964) reported that an annual salary of $124,000 would provide financial happiness. Gen Z (born between 1997 and 2012) and Gen X (1965-1980) report slightly higher numbers at $128,000 and $130,000, respectively.
Men’s estimates for financial happiness were nearly triple that of women’s responses, $381,000 compared to $183,000.
On average, Americans believe it would take an average income of around $284,000 to help them feel financially happy.
It’s important to note that while many report money can buy happiness, only 17% of respondents say it involves reaching a certain level of net worth.
A majority of Americans relate happiness with a debt-free status (65%), on-time bill payment (67%), or a good work/life balance (44%).
Overall, more than 7 in 10 respondents say they would feel happier with a solid financial plan.
