Can money buy happiness? According to a new survey, a majority of Americans think so.
A new study from Empower, a financial services company, found that 59% of U.S. adults, including 72% of Millennials and 67% of Gen Z, believe that more money could help them achieve happiness.
The survey asked Americans to give their ideal salary for what they would need to live comfortably. On average, participants said they need a salary of $284,000 per year to be happy. And taking a closer look at each generation, Gen Z went lower, saying they only need $128,000, while Millennials were the highest of any other generation, wishing for a whopping $525,000 a year.
Interestingly, smaller financial gains appear to also have a significant and positive impact. About 32% of participants believe an additional $15,000 could substantially enhance their lives. This idea jumped to 42% for a $25,000 increase, and even a modest $5,000 uplifts 17% of those surveyed.
Of course, the road to financial bliss is full of obstacles. Two-thirds of Americans experience financial stress, with worries about inflation (81%), rising costs (81%), and interest rates (66%) looming large. Debt is a reality for many, with 54% carrying some form of it, and 36% unable to manage a sudden expense over $500 without anxiety.
Fortunately, there are plenty of ways to rethink our finances. We spoke with financial expert Art Rainer about how we can reshape our view of money and what we get wrong about finances.
“Money, possession, stewardship, there’s over two thousand verses about that very topic,” he said. “So, why does He so frequently address this topic? Why does it seem to be such a very important topic to God? As you read Scripture, what you see is that He’s not necessarily concerned about if you’re setting aside enough in your 529 plan for your kids in order to save for college. What He’s most concerned about is our heart management. And what we see is that money management reflects heart management.
“He’s trying to help us understand that what we do with our finances demonstrates where we’re putting our hope in a very real, tangible way,” he continued. “We talk about making sure that we’re giving God our first and our best. That’s a difficult teaching, especially if you’re in financially tight times. He’s saying, ‘Hey, you need to trust me with this.’ God talks about finances all the time because He’s passionate about our hearts. And money management reflects heart management.”
