University study claims this is how much money you must earn 'in order to be happy'
Might be time to ask for that raise...
It turns out that money really can buy happiness. Sort of.
Researchers at Purdue University in Indiana have published a study in Nature Human Behaviour which details the amount of money deemed necessary to make an individual happy.
Emotional well-being peaks at around €48,000 - €60,000, while life satisfaction hits a peak at a little over €76,000.
And if you're making any money north of that amount, you may well feel unhappy due to focusing too much on what you're spending, and what you're making in comparison to others, as at this point the value of money decreases, having exceeded your basic needs.
"That might be surprising," said Andrew T. Jebb, lead author of the study, and a PhD student in Purdue University's Department of Psychological Sciences.
"What we see on TV and what advertisers tell us we need would indicate that there is no ceiling when it comes to how much money is needed for happiness, but we now see there are some thresholds," he added.
The study collected data from the Gallup World Poll; a representative survey sample of over 1.7 million people from 164 countries.
"These findings speak to a broader issue of money and happiness across cultures," said Jebb. "Money is only a part of what really makes us happy, and we’re learning more about the limits of money.”