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What is salary Maximum amount that can be claimed Guaranteed happiness; Does this upper limit exist?
Journal reporters tried to find answers, but they did have a hard time.
The often-cited figure of $75,000 ($110,000 in today’s prices), or 70,000 euros, comes from a 2010 study by two Nobel Prize winners cited in an American newspaper.
Recent research suggests that there may not be a household income at which happiness peaks, and that the impact of money on our emotions may extend far beyond this threshold.
“It would be a mistake to limit the pursuit of happiness to the pursuit of money alone,” said Matt Killingsworth, a senior fellow at the Wharton School of the University of Pennsylvania. “At the same time, it would also be a mistake to completely ignore money as an important factor.”
But for many experts, the debate doesn’t come down to a number, but rather a fact: Money can buy happiness, but there are diminishing returns, and there is no magic number.
Numerous studies in the US have shown that people with higher incomes tend to be happier on a daily basis.
The effect of a pay raise on happiness is more about the percentage change than the amount itself
The $75,000 figure is based on responses from more than 450,000 Americans in a Gallup survey, looking at daily emotions alone.
The initial study found that people with household incomes above $120,000 rated their lives more highly overall than those with household incomes below $120,000.
Later research has called the $75,000 figure into question. In 2021, Killingsworth used data that measured more happiness than the original survey and found that daily mood improved consistently by more than $75,000 (in 2010 prices).
Other studies have shown that having more money makes people happier in life. A 2020 paper published in the Review of Economic Studies looked at lottery winners in Sweden and found that the boost was still felt more than a decade later.
Scientists don’t seem to agree on a wage threshold for happiness.
Of course, as these studies show, the relationship between money and happiness is clear, but it’s not that simple.
Money may be important for happiness, but it doesn’t have a large effect. Since most people live within a fairly “narrow” range of happiness, it usually takes a large increase in income to achieve the largest increase in happiness.
Furthermore, researchers have yet to figure out why more money is associated with greater happiness. Matt Killingsworth’s research explains that it’s not what money buys, but the choices it provides that matter.
As income increases, each dollar has a smaller and smaller impact on happiness.
The effect of a pay raise on a person’s happiness is more about the percentage change than the dollar amount itself. Research shows that if a salary doubles from $50,000 to $100,000, it typically needs to double again to $200,000 to create the same boost in happiness.
However, with the average annual salary in Greece being $17,356 (€16,000), the vast majority of Greeks are surely depressed.
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