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Happy For Under 30 Quid Daily Pocketmoney 2007-08-19

Posted by clype in Money.

Money can’t buy you love — but it can buy you happiness, with a study putting the price of contentment at 29 GBP/day.

The survey of more than 1 000 bank customers found just under 30 GBP/day is the sum needed by the average British adult to pursue all their interests in their social and leisure time.

Individually, the cost of a happy leisure life adds up to 10 801 GBP over the course of a year. Nationwide, expenditure on such items amounts to some 496 000 million GBP/ year.

The survey shows that the average person spends more on beauty (478 GBP/year) than they do on sports and hobbies (410 GBP/year), but the biggest spending is on holidays (3 764 GBP/year), home improvements (1 783 GBP/year) and eating out & socialising (1 295 GBP/year). Fashion accounts for a spend of 1 146 GBP/year, while travel — excluding the daily drudge of commuting — takes up some 1090 GBP/year.

The results of the survey, published yesterday, show that above all people put the greatest premium on their time outside work, and most value their ability to spend their money on things like holidays, trips to restaurants, cinemas, nights out, fashion, beauty products, electronic gadgets, and hobbies.

Some 1 052 people were questioned by banking giant Abbey, with the results also showing that the ordinary worker would demand almost twice the amount they usually earn to forfeit a day off from their job.

  • Having adequate time off, according to one psychologist, is the key to happiness.

When asked how much people would need to be paid per hour to work on their day off, the average response was 19.21 GBP/hr — or nearly twice the average hourly wage in the UK. Over a full eight-hour working day, this equals 153.68 GBP/day.

While most people will not sacrifice leisure time for paid work, 38 per cent — more than 9.5 million Britons — have worked on their day off within the last year without extra pay.

Ms.Cynthia Mcvey, a lecturer in psychology at Glasgow Caledonian University, said it was important for people to remember that time is the most precious commodity of all. She said:

‘Some people might be prepared to sacrifice spending time with their friends and family, but that in itself is priceless.

‘We can live without our cars or expensive hobbies, but having the opportunity to see your children grow up, or spend time with a parent who’s getting older, is the most valuable thing of all.

‘These are the things that Epicurus held true centuries ago, and they’re still the most important things in our lives today.’

Head of Banking at Abbey Mr.Steve Shore said:

‘With the average Briton spending almost half of their annual wage on pursuits that make them happy, we place a high value on our leisure time.’

Riches ‘NOT Important’

Who wants to be a millionaire? Not Britons, who seem to covet happiness over money, according to a new report.

Just over 14 per cent of people thinks getting rich is ‘very important’, with 40 per cent happy with their financial lot and saying being rich is ‘not at all important’ or ‘not really important’ to them.

More than 25 per cent claim they would not dramatically change their lifestyle if they came into money according to ‘The Getting Rich Report’, from market analysts TNS, which polled 1 000, and questioned what people think counts as rich in 21st-century Britain.

Previously on this blog…



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