Millennials have shared the salary they'd need to be happy and it's damning
Callum Jones
Featured Image Credit: Molly Aaker/Chris Clor/Getty Images
They say money doesn't buy happiness, but it for sure does help.
While there are many examples of people being happy with little money in their bank accounts, it certainly allows you to do a lot more things with your family and friends. Making memories often costs money - despite what the Boomers will try and tell you - and the harsh reality is money simply doesn't go as far as it used to.
The most obvious way to make money is to work so you can earn a salary - but you don't need us to tell you that that's not always enough - even if it is ever so important right now because of the cost of living crisis.
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According to Forbes, the average salary in the US as of 2023 is $59,42 - which is up from recent years - but while that may be what the average American is earning, the salary that would make them happy is a different story entirely.
In a new survey by financial firm Empower, just over 2,000 Americans from different age groups were asked how much annual salary they'd need to be paid to be happy.
Millennials asked for the highest amount, saying they would need a whopping $525,000 salary a year, on top of $1.2 million in the bank account.
In other age categories, Gen Z, Gen X and Boomers all said they'd be happy with a fraction of that at $124,000 a year - still well above the US national average though.
Something that is prevalent across all age categories is that men say they need more money to be happy than women.
In fact, men on average said they need an annual salary of $380,000 to be happy, while women said on average they'd be happy with $182,000.
While many have questioned the validity to the fact money can make you happy, many studies have proven there is certainly a correlation between increased salary and being more happy.
According to a 2023 study by Nobel Prize winner Daniel Kahneman, happiness does increase with salary.
In fact, the study found that the effect persists with earnings up to $500,000 - so millennials are exactly right.
While the age group certainly earns more than their previous generations, they are certainly worse off than their old counterparts due to inflation.
Inflation continues to remain pretty high across the entire globe due to many external factors such as Russia's war in Ukraine.
As a result, many millennials are not pocketing as much in their bank account as they would like.
No harm in aiming high, I suppose.