Money can buy happiness

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Money can’t buy happiness? It can for your clients. A recent survey of 1,200 US investors found a direct link between increased income and increased happiness.

Millionaire Corner, who carried out the research, said the idea clashes with popular belief and offends even the richest citizens.

“Only one-in-five millionaires admit that money can buy happiness, yet wealthier adults report significantly higher levels of satisfaction in every aspect of their life,” it said.

Millionaire Corner asked investors from a range of wealth levels to rate their overall level of happiness on a sliding scale, 10 signified ‘very happy’ and one: ‘very unhappy’.

The results found that happiness rises steadily with net worth. Less than one-fourth of investors with a net worth of less than US$100,000 (A$98,000) rated their happiness as a nine or a 10, compared to 44% for millionaires with a net worth of US$5m or more.

The results also found that the most significant components of happiness for your clients are, in order of importance: a happy marriage or committed relationship, good health, the freedom to do things that are important to them and happy, healthy children.

More than 70% of millionaires with $5m or more rated their satisfaction with their marriage or committed relationship as a nine or 10. The share fell to 45% for investors with less than $100,000.

Millionaires also reported higher levels of satisfaction in their relationships with their children, their social life, fulfilling activities outside of work, job fulfilment and their financial situation.