This is so interesting, isn't it? I remember listening to a speaker, maybe 10 years ago now, that shared research data which said that around £43,000 was the point from which salary increase didn't correlate with increased happiness. I'm sure that will have gone up now, but I think when you have the bottom 3-4 layers of Maslow's Hierarchy of Needs met, salary over and above what gives you those layers don't create greater happiness. It just creates stuff. You have to create the happiness yourself!
That’s so funny. When I started researching this article I had that figure in my head - $75,000 as I’d read about that study years ago. Unfortunately it’s all been proved wrong 😁. Happiness does still increase the more you earn, there doesn’t seem to be an upper limit any more. However the key point is, the more you earn, the smaller the effect it has, once you pass a certain value, other factors will have a greater effect on your happiness (relationships, health etc) and it also depends how you spend it. If you use it to buy new cars it won’t make you much happier, if you use it to get more free time with your family and do more exercise it will. As you said you need to use it to create happiness yourself 😁.
I think many people are worried about not feeling secure. We have very low salaries here in France. I try to compensate that with having free time and not working too many hours. The trouble is, there is a link between what you're paid and a feeling of self-worth. Confidence is also linked to pay because people compare themselves and think they are less worthy than high earners.
The ability to save and have control over finances is disappearing.
I agree totally. You need to feel secure before anything else, without a feeling of security it is much more difficult to move up the happiness ladder and in America 49% of people have less than $500 in savings!
Thanks for sharing Frances. The relationship between money and happiness is so complicated and so different for everyone. I’d not talked about safety and savings and yet, to many, that is really important. Thank you.
This is so interesting, isn't it? I remember listening to a speaker, maybe 10 years ago now, that shared research data which said that around £43,000 was the point from which salary increase didn't correlate with increased happiness. I'm sure that will have gone up now, but I think when you have the bottom 3-4 layers of Maslow's Hierarchy of Needs met, salary over and above what gives you those layers don't create greater happiness. It just creates stuff. You have to create the happiness yourself!
That’s so funny. When I started researching this article I had that figure in my head - $75,000 as I’d read about that study years ago. Unfortunately it’s all been proved wrong 😁. Happiness does still increase the more you earn, there doesn’t seem to be an upper limit any more. However the key point is, the more you earn, the smaller the effect it has, once you pass a certain value, other factors will have a greater effect on your happiness (relationships, health etc) and it also depends how you spend it. If you use it to buy new cars it won’t make you much happier, if you use it to get more free time with your family and do more exercise it will. As you said you need to use it to create happiness yourself 😁.
I think many people are worried about not feeling secure. We have very low salaries here in France. I try to compensate that with having free time and not working too many hours. The trouble is, there is a link between what you're paid and a feeling of self-worth. Confidence is also linked to pay because people compare themselves and think they are less worthy than high earners.
The ability to save and have control over finances is disappearing.
I agree totally. You need to feel secure before anything else, without a feeling of security it is much more difficult to move up the happiness ladder and in America 49% of people have less than $500 in savings!
Thanks for sharing Frances. The relationship between money and happiness is so complicated and so different for everyone. I’d not talked about safety and savings and yet, to many, that is really important. Thank you.