Does money buy happiness? A recent survey shows that money can indeed make you much happier.
According to a survey conducted by AARP’s Life Reimagined and Luntz Global, financial security is at the top of the list of changes that would improve someone’s happiness. In preparation for the upcoming New Year, Life Reimagined surveyed 1,000 Americans age 40 to 59 to get a better sense of their priorities.
Most of the survey respondents said they obtained much of their self-worth from their relationships. However, many felt money and a successful career contributed to their overall happiness. Roughly 39% of respondents said financial security would make them happier, while 33% say money is the main obstacle to prioritizing the things that would make them happy.
Key research findings:
- When given a choice between being able to have extra time in the day or being able to have extra money, 71% of respondents would rather have more money.
- Some of those surveyed expressed regret when it came to financial decision making. Approximately 21% say they wished they had made better financial decisions.
- Roughly 12% wished they had entered a career field that provided more financial security.
The main objective of the survey was to gain insight into people’s current and desired “life budgets.” Life Reimagined describes a life budget as how one allocates his or her time, energy, and passion across different life areas. As is expected, most people saw differences between the budget that was their reality and the budget that was desired. Many of us have difference between what we want and what we actually do.
See the full report here.