A decade ago, a study made headlines for showing that an income level of US$75,000/CAN$91,000 per household was the sweet spot for happiness. Earning more, surprisingly, did not result in additional happiness. The study was based on surveying people about their feelings of happiness, then comparing that to their incomes.
New research, though, calls those findings into question. A 2020 study found that the more money a person has, the happier they are at any income point. The new study compared the happiness of individuals at higher income levels to those at lower income levels to deduce static rates of happiness at various income levels.
Honestly, I’m not sure it matters. What does matter is that there appears to be a point at which we feel a sense of relief when we finally are making enough to meet our basic needs and have money left over for ordinary purchases (like new tires for the car or a new couch) without worrying.
That income level is different for everyone, based on our individual situations. Below that level, there is significantly less happiness, and above that level significantly more. So the lesson I get from this is that we need to strive to find our own sweet spot for income. What’s yours?