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A University of Pennsylvania study recently published in the Proceedings of the National Academy of Sciences found that people who earn $85,000 or more per year are happier than those who earn less.
And the more money you earn, the happier you are.
This contradicts common knowledge and refutes an earlier study that found there is a cap on how much happiness money can buy. Once a person earns at least $75,000 per year additional money won’t buy additional happiness, according to a 2010 Princeton University study.
IMPLICATIONS
If universally true, the recent UPenn research means many Americans are unhappy.
The U.S. median household income was about $62,800 in 2019, according to the most recent information available from the U.S. Census.
As is the case across the country, the 2019 median income in Massachusetts varied greatly depending on race. At the high end, the median income for Asian households was $96,500. At the low end of the income spectrum were Native American households, which had a median annual income of about $37,500.
HAPPINESS RESEARCH
Participants in the UPenn study were iPhone users who had downloaded the Track Your Happiness app. Overall, researchers analyzed about 1.7 million reports made to the app, which asked people to sporadically log in and input their activities and feelings.
In America, the turning point for financial happiness is $85,000, according to the study. This was measured by evaluating life satisfaction, experience, and feelings.
The study authors made a point to say that while money can buy happiness it will not bring a person more joy if they squander their funds on things that ultimately don’t make them happy.
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