The old adage “Money can’t buy happiness” isn’t true for 60% of participants in a new survey. They even have a price tag on how much happiness will cost: $1.2 million.
Those are some of the findings from Empower’s annual Financial Happiness Report, which polled 2,034 Americans about their financial strains — and their dreams.
According to the survey, Millennials and Gen Zers believe even more that money can in fact buy happiness.
While that $1.2 million high mark represents the amount of cash they’d need for all of their money troubles to go away completely, the poll also said Boomers have less lofty financial aspirations: An extra $15,000 would make a “meaningful impact” in the lives of 32% of those polled, bringing them happiness for six months; 37% of those in the Boomer demographic felt that way.
Forty-two percent say $25,000 would do the trick, bringing a smile for six months; that jumps to 50% with older Americans.
But times are so tough that 17% of those polled would be happy with an extra five grand.
With bills piling up, inflation and food and gas prices still high — a burden for 81% of those polled — Americans say if they earned $284,167 a year, they’d be happy.
That number jumps to more than a half a million with younger Americans — perhaps no surprise from the influencer generation.
Survey questions, methodology and results have not been verified or endorsed by ABC News or The Walt Disney Company.