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How Much Money Would Make You Happy? 2006-09-25

Posted by clype in Health, Money, Statistics.
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The true ‘cost of happiness’ is today confirmed at 2 658 144 GBP by research carried out for Yahoo! Personal Finance among 2 500 people of working age.

Participants were asked to choose components for happiness from a comprehensive range of lifestyle criteria , the results proving that membership of the ‘millionaire’s club’ is no longer enough.

Gender variations
Women were proven to be more demanding in their expectations of wealth and happiness, with an average cost of happiness at 2 712 199 GBP compared to men at 2 616 597 GBP.

However, the study showed that it will take the average Brit 94 years to reach this level of wealth and happiness.

Financial profiles identified
Four financial profiles were identified, revealing over half of the UK population to be aspirational high-living ‘PLAYboys’ and ‘PLAYgirls’.

Positively though, a significant percentage do have the happiness/money balance spot on, with 39 per cent identified as ‘HAPpy CHaps’ who maintain a lifestyle they love by maximising their personal finances.

  • PLAYboys and PLAYgirls (Party Lifestyle All Year-round): 45 per cent*
  • HAPpy CHaps (Have Accumulated Plenty Cash and Happiness): 39 per cent*
  • FLASHers (Funds Low Always Spending Heaps): 15 per cent*
  • MiSER (Make Savings Earn Returns): 1 per cent*

* Great Britain population breakdown as indicated by the research

Occupational stress consultant and academic author Ms.Carole Spiers comments,

‘Lack of control is widely recognised as one of the greatest contributors to the stress of modern living, meaning that anything that increases control – and particularly financial control — will help to make our lives less stressful.

‘Financial security is one of the key contributory factors to happiness, and while money alone may not buy you happiness, a lack of it can mean a more stressful, less fulfilled and ultimately less happy life.

‘Being smarter with money, as is the case with the ‘HAPpy CHaps’ financial profile identified in this research, takes away much of the stress of money worries, and gives people more choices through which to achieve personal happiness’

OLDER CONSUMERS WANT MORE

Financial profiles by age group
Surprisingly, aspirations to ‘spend it like Beckham’ get bigger with age, in fact it costs 400 000 GBP more to make a 50 year old happy than a 25 year old!

Average cost to achieve total happiness by age group:

<24: 2 552 482 GBP
24/35 2 560 917 GBP
35/44 2 852 767 GBP
44/55 2 901 831 GBP
>55 2 764 733 GBP

Financial profile by region
The Welsh prove to be the UK’s ‘FLASHiest’ with their cash, topping the UK league at 18 per cent of the population compared to a national average of 14 per cent.

Londoners are the nation’s biggest ‘PLAYboys’ and ‘PLAYgirls’, with over half aspiring to the high living, party lifestyle (55 per cent) compared to a national average of 44 per cent.

The Yahoo! Personal Finance Editor Mr.Alastair Bruce comments

‘The most likely group to achieve the positive balance between money and happiness is the “HAPpy CHaps”, due to their lifestyle, spending habits and responsible attitude to personal finances.

‘Others can take a leaf out of their books; everyone has the potential to make the most of the money they do have and work towards accumulating the price of happiness — every little helps!’

Previously on this blog:

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