60% of Americans believe money can buy happiness

60% of Americans believe money can buy happiness, per CNBC.

Read full article" https://www.cnbc.com/2023/11/27/can-money-buy-happiness-60percent-of-adults-say-yes-it-costs-1point2-million.html#:~:text=money%20buy%20happiness%3F-,60%25%20of%20Americans%20say%20yes%20%E2%80%94%20and%20the,price%20tag%20is%20%241.2%20million&text=If%20happiness%20has%20a%20price,a%20recent%20financial%20happiness%20report.

In an era when many households are feeling financial strain, some assert that happiness has a price tag, and that number is $1.2 million.

According to the Financial Happiness report from Empower, 60% of Americans believe money can purchase happiness, and achieving a specific net worth is crucial for contentment.

With credit card debt reaching record highs, a declining personal savings rate, and over half of adults living paycheck to paycheck, Americans now state that they would need to earn $284,167 a year to attain happiness, as revealed by the Empower report.

Breaking down the findings by generation, millennials place the figure much higher — over $500,000, according to the report. Millennials and Gen Z are also more inclined to assert that money can indeed buy happiness.

The prolonged period of high inflation has made it more challenging for those starting out. Over half, or 53%, of Gen Zers have cited the rising cost of living as a barrier to their financial success, according to a separate survey from Bank of America.

In addition to surging food and housing costs, millennials and Gen Z face financial challenges not encountered by their parents in their youth. Their wages are not only lower than their parents' earnings at a similar age, but today's young adults are also burdened with larger student loan balances.

Regardless of age, retirement consistently emerges as the most substantial obstacle to financial security.

Even highly paid professionals, like doctors and lawyers, who typically benefit from stable jobs, homeownership, and well-padded retirement savings accounts, express that they do not feel financially comfortable.

While most people in the Empower report state they would need $1.2 million, other studies reveal that high-net-worth individuals set the bar even higher. Over half of them claim they would need more than $3 million, and one-third believe it would take over $5 million, according to a report by Edelman Financial Engines.

"People often think they need a lot more than they do — that's because they haven't zeroed into their right number," notes Jason Friday, head of financial planning at Citizens Wealth Management. "It's always going to be a moving target."

Although everyone's needs and expectations differ, some age-based guidelines can provide assistance, according to Mike Shamrell, vice president of thought leadership for Fidelity's Workplace Investing.

"Target date funds are one way to get a sense of your age-appropriate risk tolerance," he suggests. "You want to make sure you are not losing out on possible growth opportunities or, alternatively, exposing yourself to unnecessary risk."

Experts recommend collaborating with a financial advisor to understand where you stand relative to your long-term goals. Nonetheless, there are also numerous online tools available to initiate the planning process, adds Friday.

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