Most Americans (59%) think money can buy happiness, and a new survey on the subject even puts a number on it. On average, Americans say they'd need about $1.2 million to achieve happiness, according to the survey by financial services firm Empower. The figure breaks down in interesting ways depending on age groups, with millennials needing the most at nearly $1.7 million and those in Gen Z the least at just under $500,000, per CBS News. Boomers need about $1 million, and Gen Xers a bit over 1.2 million. In terms of gender, women would be happy with $880,000, and men want nearly $1.5 million. Some other findings:
- Salary: Americans want hefty salaries. On average, they said a salary of $284,000 a year translates to happiness, with men ($381,000) needing far more than women ($183,000). Millennials cited a CEO-like mark of $525,000, Gen Z $128,000, Gen X $130,000, and Boomers $124,000.)
- Retirement: People on average plan to retire at age 63, with Gen Z the most ambitious of the bunch looking at age 54. Still, the latter figure is up from 49 last year, suggesting that inflation is causing people to adjust their goals, per a news release on the survey.
- Cup of coffee: The spending flexibility that comes with having enough money is cited as a prime source of contentment. For example, 62% of millennials say they are willing to spend $7 a day on a cup of coffee because of the enjoyment it brings.
(Forget money: Performing
"micro-acts of joy" can boost your happiness, a study suggests.)
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