If you think making more money will make you happier, you are only partially right. Because there comes a moment when most money reduces our emotional well-being and life satisfaction.
Using a study of 1.7 million people from 164 countries, researchers estimated that $ 95,000 per year of income per person is optimal for a full sense of satisfaction, writes Fast Company.
If it is a daily feeling of happiness – unlike the full satisfaction of life – then you need even less – between $ 60,000 and $ 75,000, according to the study. After these amounts, the benefits of making money diminish, though there are still some.
By comparison, the average US household income per annum is $ 65,000, the newspaper said.
The results coming from Purdue University and Virginia University are in line with the well-known 2010 study by psychologist Daniel Kahnemann and economist Angus Dieton. They find that people’s happiness is linked to income, but only to income somewhere between $ 60,000 and $ 120,000. Incomes above this figure have found that the relationship between happiness and income is weakening.
Depending on the state, the amounts also vary.
In Western Europe and Scandinavia, the optimal income level is about $ 100,000, according to the survey.
In North America, that’s $ 105,000. In Australia / New Zealand, it’s $ 125,000.
In Eastern Europe, the average is only $ 45,000. At a rate of 1.59, as is the official BNB exchange rate today, that’s about BGN 72,000 per year or BGN 6,000 per month.
In Sub-Saharan Africa – $ 40,000.
$ 95,000 is the average for all surveyed people worldwide.
“Expectations and social comparisons are important, we are very fine-tuned social beings, so these social comparisons occur in most human areas, including career, income and size of your house,” said Andrew Theb, head of the study.
And, of course, money is not everything when it comes to our happiness.
“Income is just one variable in the complex equation of happiness, there are other factors that are at least as important as meaning and meaning, as well as social relationships, family and friends,” says You.