According to the latest survey of 2000 American adults aged 18 to 55 years, money can buy happiness. The Study found that despite the pandemic, the definition of happiness is yet to change.
Spending time with family linked to happiness
Approximately 45% of the respondents said that before the pandemic, they associated happiness with free time to spend with family and friends; a similar number (46%) still does. But, surprisingly, Gen Zers are experiencing a change in priorities, with more associating joy with their folks being healthy now compared to pre-pandemic (45% against 33%).
OnePoll conducted the Study for Happy Money for National Financial Awareness Day and established that almost 55% of the respondents were outsourcing chores to have free time for family and friends. In addition, in the last three years, more people have ordered takeout rather than cooking (48%), moved closer to their workplaces to cut on commute time (52%), shopped online for groceries (54%) and hired a cleaner (52%) to create time to enjoy with their loved ones.
On average, someone spends 90 minutes daily cooking, which translates to almost 1,095 hours per year. As a result, almost 65% of the respondents think that money can buy happiness.
Purchasing a housetops list of happiness
Topping the list in the happiness journey is purchasing a house or apartment (52%), followed by children’s education (48%) and purchasing a perfect gift for a loved one or friend (45%). The average individual spends roughly $53 a week on products or activities that make them happy regarding small, recurring expenditures.
Among other purchasable things, top in the happiness list is monthly cleaning service (41%) and family vacation (40%) relative to book club subscription (28%) and a spa day (29%). Respondents also shared their happiest purchases, which included paying off loans, purchasing new furniture, living abroad and going on vacations they have always wanted.
Happy Money VP Chris Courtney said that the key to money and happiness is using money as a tool, irrespective of how much you have.
