Money can buy happiness... as long as it’s £43,000 a year
MONEY may make the world go around and could even buy you happiness.
But to be really content, it seems it’s best not to earn too much of it.
Researchers have even pinpointed the level of yearly salary which brings peak happiness.
The magic numbers are £43,478 to £54,347 so if your annual income is in this range, then you should be in with a pretty good chance.
However, earning a bit more to top £68,840 a year can lead to a fall- off in emotional wellbeing, which may not be good news for Manchester United footballer Alexis Sanchez with his pay packet of £600,000 a week.
Academics in the US found that people who dealt best with dayto-day emotions tended to have an income of £43,478 to £54,347. But bringing in a few thousand more, up to £68,840, was likely to lead to greater ‘life satisfaction’, a measure based on the fulfilment of an individual’s longer-term goals. Optimal salaries for families were likely to be higher.
Study author Andrew Jebb said: ‘These amounts might be surprising as what we see on TV and what advertisers tell us we need would indicate that there is no ceiling when it comes to how much money is needed for happiness.
‘But we now see there are some thresholds. It’s been debated at what point does money no longer change your level of wellbeing.
‘We found that the ideal income point is £68,840 for life evaluation and £ 43,478 to £ 54,347 for emotional wellbeing.’
The project at Purdue University in Indiana suggested one reason for such thresholds was that money is only important for meeting basic needs.
Once those are fulfilled, it concluded, people become driven by materialistic desires and comparing themselves to others which could lower happiness levels.
Mr Jebb, a psychologist, said: ‘At this point, people ask themselves “Overall, how am I doing?” and “How do I compare to other people?” The small decline puts one’s level of wellbeing closer to individuals who make slightly lower incomes, perhaps due to the costs that come with the highest incomes. These findings speak to a broader issue of money and happiness across cultures.
‘Money is only a part of what really makes us happy, and we’re learning more about the limits of money.’ The findings in the journal Nature Human Behaviour were based on figures from the Gallup World Poll, a representative survey sample of more than 1.7million people in 164 countries.
The estimates were averaged out globally based on purchasing power and questions relating to life satisfaction and wellbeing.
Mr Jebb said optimal earnings varied across world regions, with those in wealthier places needing more money to be happy.
Last year scientists in Germany revealed another path to happiness was being generous.
They said this brought a ‘warm glow’ or positive emotion which showed up in brain scans. Treating others also makes you happier in the long run, added the study.
Giving presents led to the ‘happiness’ part of the brain lighting up more than if participants had spent money on themselves.
Dr Soyoung Park, of the University of Lubeck, said: ‘This is in line with the evolutionary view that human society benefits when we help each other.’
‘These amounts may be surprising’