Happiness does have its price
MONEY and mates are the biggest drivers of happiness among Australians, but you don’t need a bulging pay packet to be happy.
A new RaboDirect report says people earning between $80,000 and $100,000 a year – slightly higher than Australia’s average fulltime wage of $79,716 – are the happiest.
Happy Australians live within their means, focus on work-life balance, have a financial plan, value relationships and are involved in their local community, Rabo-Direct says.
Rabobank head of market research Glenn Wealands said earning below $60,000 a year had a degree of financial stress, while more than one quarter of those earning over $150,000 felt some unhappiness.
“Once you move up to the larger income scale, there’s a trade-off,” Mr Wealands said, adding that longer work hours and less time with family and friends had a negative effect.
March 20 is the UN International Day of Happiness, and Mr Wealands said the happiest postcodes were not the most affluent, but areas that embraced a healthy outdoor lifestyle.
“The important thing is not so much the dollar amount, but good money management.” Psychologist Nick Petrovic said financial security could mean a sense of freedom and peace of mind.
“When you take control of your income and spending, your financial goals – big or small – can be easier to achieve,” he said. “Money may not fix every problem but it can offer you the time, space and opportunity to do things that make you happy.”
Jess Ruhfus, 25, said having or earning lots of money could take away your drive and ambition to achieve, making you less happy.
“I need something to be looking forward to and working for,” Ms Ruhfus, who runs brand matchmaker Collabosaurus, said. “You need a level of stability to do the things you want to do.” Ms Ruhfus said personal and professional relationships were important for happiness.