Can money buy happiness? That’s one of the oldest questions ever, and we’ll probably never be able to provide a definitive answer. Well, it might depend on each person’s wishes and goals. What’s for sure is that millennials set pretty high standards when it comes to enough money that could make them happy.
Empower, a financial services company, has collaborated with the Harris Poll to find out the opinions of millennials on money. They’ve interviewed about 2,000 people, and it seems that millennials have the highest demands when it comes to money, compared to other age groups, as Yahoo Finance reveals.
Millennials demand half a million dollars per year to be happy
Millennials have raised the stakes the most from the people who got interviewed, as it seems that the former believe they need $525,000 per year to achieve happiness.
If you’re wondering what millennials would do with so much money, well, there’s an answer to that as well. These people claim they need so much money because of needs such as student loan debt and concerns regarding a pension plan, pandemic volatility, mortgage rates, inflation increase, and financial setbacks such as the 2008 economic crisis.
The financial desires of millennials sure sound exaggerated if we think about the fact that the minimum wage per year in the US is over 10 times less than the amount of money they dream about: roughly $15,080 per year, to be more precise.
No, money probably won’t buy you happiness. But the total lack of money will certainly bring you misery and pain.