How much money would make you happy? - Money - News - Moneyfacts

News

How much money would make you happy?

How much money would make you happy?

Category: Money

Updated: 14/09/2015
First Published: 10/09/2015

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

They say that money doesn't buy you happiness, but for some people, that may not be strictly true. In fact, research shows that reaching a certain level of financial stability can make people very happy indeed, with £50,000 seeming to be the sweet spot.

Just right

The figures, from lottoland.co.uk, found that while a bigger windfall would certainly be welcome, it wouldn't be necessary to be happy. Instead, having enough money in the bank to pay off the mortgage, eat out once a week and take a luxury holiday each year, together with £50,000 in savings, would be just right.

The majority of respondents (67%) admitted that a life-changing amount of money simply wouldn't be necessary for happiness, with a smaller amount being sufficient to afford a comfortable life. Happily, it seems that most simply want enough money to make life easier for themselves and their families, with financial security being the key to happiness rather than financial excess.

This is perhaps unsurprising when considering the fact that 32% of respondents confessed that they have nothing left to save after paying their bills, while 53% are currently dealing with some kind of debt. In these scenarios, having enough to be comfortable – pay off bills, deal with debt and still have a bit of money left over – is all that would be required for happiness.

"There is a classic saying that money doesn't buy happiness, and while it's true and there are so many more essential things than the amount of money you have in the bank, it cannot be denied that having enough money to feel comfortable is important," said Nigel Birrell of lottoland.co.uk. "There is so much emphasis and attention placed on individuals who win millions through lotteries, but so little exposure focuses on those who win smaller, but substantial amounts, who win much more regularly."

Could you be on your way to true happiness?

While a lottery win is something that many people dream of, you probably don't need a life-changing sum of money to be truly happy. In fact, you could already be on your way to achieving that blissful state.

Being able to pay off your mortgage may not be a pipe dream, and if you try to overpay as much as possible, you may be able to clear it sooner than you think. You can also check out our tips on how to reduce your spending,and you may then find you have more money left over for the likes of meals out and holidays, and if you save as much as possible – ideally by maximising your returns through the best savings account, a high interest current account, or even a stocks & shares ISA if you're comfortable with a bit of risk – you may one day get close to the dizzy heights of £50,000 in savings.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

77% of Christmas gifts unwanted

Research from Policy Expert has revealed that while Brits spend an average of £424 on presents for friends and family, more than three quarters (77%) of these gifts may be unwanted.

New Year tips to improve children’s money skills

How many have better budgeting as their New Year’s resolution? As with many things, these skills are best learned when young, so Lemonade Money has come up with some tips to help parents make their children more financially savvy.

Money worries lead to Christmas on credit

Money worries are putting Christmas at risk for up to five million Brits, with 10% saying they regularly worry about money in the lead up to Christmas, and the same proportion feeling stressed about how much they are spending.
 
Close