Money, money, money!

Scientists have claimed that there is an ideal annual income to feel emotionally content, and having too much can actually diminish happiness, according to a study published in the journal Nature Human Behaviour. By analysing data from the Gallup World Poll, an ongoing international survey of more than 1.7 million people from over 160 countries, researchers from Purdue University in the United States have deduced from participant's responses relating to life satisfaction and well-being — called subjective well-being measures — that there is a magic number for 'income satisfaction'. The researchers found that the ideal income point is US$95,000 for life evaluation (overall life satisfaction) and US$60,000 to US$75,000 for emotional well-being (day-to-day happiness). These magic numbers are significantly higher in some countries than in others, and are broadly associated with how comparatively wealthy each nation is; for example, life satisfaction costs $125,000 in Australia, $105,000 in North America, and $100,000 in Western Europe – but only $70,000 in Southeast Asia, $45,000 in Eastern Europe, and $35,000 in Latin America. Globally, men tend to be satisfied with incomes of US$90,000, whereas women require US$100,000, and for people of low or moderate education, incomes of between US$70,000 and US$85,000 are considered ideal, compared with US$115,000 for people with higher education levels. A remarkable finding from the study is that people with income levels above the ideal exhibited a consistent decrease in happiness. To find out more check out Money only buys happiness for a certain amount.