Can Money Buy Happiness? Not as Much as Family New Survey Says
Read more about Family Credit Cards
Have we finally learned that money isn’t everything? In a new CreditDonkey.com survey, only 21 percent of respondents said money can buy happiness. And just 10 percent said getting rich leads to the most happiness.
So, if money isn’t what makes us feel that all is right with the world, what does? The answer: someone to come home to at night. Seven in 10 respondents said a good marriage and family life lead to the most happiness over a lifetime. And 38 percent said prioritizing family and personal time over higher earnings leads to the most happiness in the long run.
Spending vs. Saving: What Makes You Happiest?
The majority of people (58.5 percent) believe having enough savings to cover emergencies would make them happier than buying something that they've been eagerly waiting to get for a long time, according to the survey. When they do spend money, most respondents said paying off debt or taking part in an activity, like a concert or sports event, would make them happiest. Less than half said buying clothes, furniture, electronics, or entertainment products would put the biggest grins on their faces.
One reason respondents may view financial security so highly on their happiness scale is the fact that it’s been a difficult goal to achieve for many Americans since the subprime mortgage crisis hit. Most respondents (56 percent) said that being in debt made them unhappy, and even more (74.1 percent) said having a good financial cushion makes them happy.
"We have seen a major shift in consumer habits, where savings bring more happiness than spending," says Charles Tran, founder of CreditDonkey.com. "Ten years ago, people were much more eager to go to the mall and spend, but that consumerism is on the decline. Instead, people want the safety of some money in the bank."
With a safety net, they could reach the ultimate goal of financial independence — a status that 54 percent of respondents listed as their number-one way to be happy with their money situation. That was chosen much more often by respondents than reaching a good credit score (chosen by only 15 percent of respondents), being on a secure retirement path (14 percent), and getting rich (16 percent).
While the majority of respondents see happiness beyond dollar figures, 64 percent of them acknowledged that being poor can make a person miserable.
The Family-Work Balance
While work is a means to keep us out of the poorhouse, what we do during the day can provide a reward beyond the paycheck. In the survey, 18 percent said an interesting career is what would make them happy. Perhaps more of us would view our jobs more favorably if we were able to work fewer hours, bringing more balance to our lives and those of spouses and family members who make us smile. If money were no object, 14 percent of respondents said they would still prefer to work full time, and 50 percent would still work part time.
(From September 3 to September 8, 2013 CreditDonkey surveyed 1,063 Americans about their shopping habits, payment preferences, credit card use, and what makes them happy.)
Follow @CreditDonkey or write to Sarah Johnson at email@example.com
More Articles in News
Articles on Can Money Buy Happiness? Not as Much as Family New Survey Says
When it rains, it pours, but if you live in Oregon, you’ll find some bright spots no matter what the weather. Portland is Oregon's flagship city and as great a place as it is, it's not the only choice destination to settle down. The Beaver State ...
If you're looking to escape the buzz of bigger cities like Boston or New York but still want access to what they have to offer, Connecticut is an ideal spot to settle down. Whether you prefer the suburbs or the country, the Constitution State is ...
Idaho's peaceful, scenic settings are just one of the reasons why residents of the Gem State think it's such a jewel. Whether you're into fishing, hiking or skiing, there's always something for outdoorsy types to do. And for the rest of you, ...
"Great Faces, Great Places" is South Dakota's official slogan, and the Mount Rushmore State is overflowing with plenty of both. Aside from its rich natural history and the stark beauty of the Badlands, South Dakota offers residents one of the ...
New Jersey is often overshadowed by New York, but many of its residents agree that the grass is greener in the Garden State. If you're already a Jersey girl or boy, or you're thinking of making a move here, grab yourself a Taylor ham, egg and ...
Washington is known for getting its fair share of rain and fog, but the gloom doesn't seem to dampen the spirits of those who live here. If lush green forests and rocky seascapes aren't enough to put a smile on your face, the lack of state ...
West's Virginia's visually stunning landscapes aren't the only thing offering a breath of fresh air in this state. The people are too, and if you're a native of the Mountain State, you probably know what we're talking about. There’s an ease to ...
Thanks to the warm weather and dazzling desert views, Arizona's residents sport grins that are just as wide as the Grand Canyon. Retirees are drawn in by the beautiful sunsets and the low cost of living while job seekers are attracted to the ...
From the pristine beauty of the Great Smoky Mountains to the lip-smacking goodness that is Memphis-style barbecue, residents of Tennessee are happy to be there. In recent years, Tennessee has become a hotspot for retirees, but it's also an ...
Louisianans love to let the good times roll (“laissez les bons temps rouler” is in fact the unofficial code residents honor here). We did just that as we looked around this southern state for the cities where residents are sure to be happiest. ...
What do you think about Can Money Buy Happiness? Not as Much as Family New Survey Says?
You might also be interested in
More Articles in News