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Your Money or your happiness

Money and happiness as measures have always fascinated me; if money bought happiness, then millionaires would never suffer from depression and only poor people would be unhappy. But real life is complex; a YouGov survey stated that 5% of people on £5,000-£10,000 said they were always happy, as did 4% of those earning £50,000-£60,000, as did 4% earning £150,000 and above. Do you measure your happiness through money?

family

Life is lucky

The same survey found that happiness was more important than money. Most respondents (89%) preferred happiness by finding love with a partner (73%) and having good friends (67%) but having a big bank balance was important only to 3% of respondents.

Money envy

42% believed that richer people tend to be happier than poorer people. However, having a loving family, loving partner and healthy happy children, whether rich or poor, is a combination of lucky life choices and little to do with money.

Old and wise

More than half of those aged 18-24 thought richer people were happier, but only 34% of those over 55 thought the rich were happier. Experts claim that there is no absolute income that makes us happy, but it’s how we compare our money with others.

Poverty is real

Data based on incomes published by Department for Work and Pensions (DWP) shows that, after housing costs have been taken into consideration, the number of people living in relative poverty is 13.44m (21% of the population).

Judging being rich or poor?

The average annual income is £27,600. A person earning this much is “neither rich nor poor” by 72% of the public. However, 5% would consider such a person to be poor, whilst 15% would regard them as rich. With higher rate tax after £45,000 earnings, 48% felth that person is rich, but a further 41% would say that they are neither rich nor poor. Only you can judge whether you are rich or poor.

ChildMax insurance pays your take home salary while you’re on 12 months’ unpaid leave caring for a sick child. It starts from £49.50. As an example, a £3,000 per month take home salary, would cost a parent £64.08 with a 4-year-old child. Pay monthly payments for easy budgeting.

Visit at www.insurewithmax.com or call the UK call centre 0333 323 0098 for more information.

Sources:

https://www.thetimes.co.uk/static/channel5-rich-house-poor-house-money-happy/

https://yougov.co.uk/topics/politics/articles-reports/2017/06/02/how-much-money-do-you-need-earn-year-be-rich

https://en.wikipedia.org/wiki/Poverty_in_the_United_Kingdom

Date: 25 March 2019 by Max Robinson