Money can’t buy happiness? Not exactly. A recent survey of 1,200 US investors found a direct link between increased income and increased reported happiness.
Millionaire Corner, who carried out the research, said the idea clashes with popular belief and offends even the richest citizens.
“Only one-in-five millionaires admit that money can buy happiness, yet wealthier adults report significantly higher levels of satisfaction in every aspect of their life,” it said.
Millionaire Corner asked investors from a range of wealth levels to rate their overall level of happiness on a sliding scale, 10 signified ‘very happy’ and one: ‘very unhappy’.
The results found that happiness rises steadily with net worth. Less than one-fourth of investors with a net worth of less than US$100,000 (A$98,000) rated their happiness as a nine or a 10, compared to 44% for millionaires with a net worth of US$5m or more.
The results also found that investors of all wealth levels agree that the most significant components of happiness are, in order of importance: a happy marriage or committed relationship, good health, the freedom to do things that are important to you and happy, healthy children.
More than 70% of millionaires with $5m or more rated their satisfaction with their marriage or committed relationship as a nine or 10. The share fell to 45% for investors with less than $100,000.
Millionaires also reported higher levels of satisfaction in their relationships with their children, their social life, fulfilling activities outside of work, job fulfilment and their financial situation.
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