Happiness is an extra £508 a month say Brits, a study has found.
A poll of 2,000 adults revealed money really can buy you happiness – but in contrary to common belief we don’t need millions to put a smile on our faces.
More than three quarters of those who took part said they would be happier if they had more money to splurge on a holiday abroad, weekends away or day trip with the family.
The research also found Brits rate their current ‘level of happiness’ as a modest six out of 10, but 87 per cent agree a bit more cash would make things better.
It also emerged 68 per cent agree that worrying about money is what prevents them from achieving true happiness.
Michelle Pearce, chief investment officer at Wealthify, which commissioned the survey, said: “Our research came out with some fascinating results, proving the importance money plays in people’s lives, in helping to ease stress.
“But what people may not realise is, you don’t need piles of money in the bank to plan for a happier future – you can start with small sums and build it up with regular deposits in order to grow your finances and feel more in control.”
Researchers also found millions of Brits would spend extra cash on treats for their family, new clothes or dinners with friends to brighten their mood.
Others would spoil themselves with a massage, a new hairdo or even just nicer food to stock up the kitchen cupboards.
Just 13 per cent said they would put money aside to buy a house.
The study also found Brits are far more inclined towards instant gratification than thinking about the future when it comes to money.
And millions prefer to spend extra cash on things to make themselves happier right now, over using it to pay off debts, or save for the future.
More than two thirds of the nation have spent money in the past and found they felt happier as a result.
And seven in 10 admit they get a sense of enjoyment simply from looking forward to using their new purchase regardless of whether it’s new clothes, a car or even a washing machine.
Others get joy from decorating their bedroom, splashing out on a new hobby, joining the gym or putting away for their pension.
Michelle Pearce added: “It’s somewhat concerning that so many feel that they will never reach a point where they have enough money to be happy.
”But, then again, it’s hardly surprising given the current state of savings rates in the UK, and rising inflation eating into returns.
“However, people shouldn’t despair. They could reach a point where they’re financially comfortable, it just takes a bit of discipline to start a good regular savings habit over the long-term.
”And, if they’re willing to accepting a little risk by investing their money, all the better. £50 a month put aside over 30 years, for example, will amount to £18k.
”But invested in a medium risk Plan, that could grow to over £48k, showing that small deposits little and often, can grow exponentially over time thanks to compound returns.
“Contrary to what many people think, you don’t need lots of money or experience to start investing, either – there are low-cost and convenient services available that will build and manage your investments for you.
”And if you struggle to find cash left over at the end of the month to put aside, simply setting up a direct debit or standing order to come out on payday, will stop you spending it on something else.”
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