Posted by on November 20, 2023 6:39 pm
Categories: News The Hill

Americans put steep price on happiness


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Business & Economy



Business & Economy



The Big Story 

The price of happiness is getting higher

More than half of Americans think money can buy happiness, and the average person puts the price tag at just over $1 million, a new poll found. 

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A study by the financial planner Empower found that 59 percent of Americans believe money can buy happiness, and that it costs around $1.2 million


But just 17 percent said financial happiness can be defined by a certain net worth. Around two-thirds equate financial happiness with an on-time bill payment and being debt-free. 


The Empower “Financial Happiness” study surveyed 2,034 Americans above the age of 18 between Aug. 7 and 14. There was an overall margin of error of 2.9 percentage points. 


Pollsters found the first word that comes to people’s mind when asked about financial happiness is “freedom,” followed by “security” and “relief.” 


The average salary Americans said would make them happy was $284,167 per year. Men’s price point — $381,000 — was much higher than average of $183,000 for women. 


There was also a big generational divide. On average, Millennials listed the highest salary, $525,000, while Generation Z said $128,000, Generation X said $130,000 and Boomers said $124,000 


More than 7 in 10 respondents said having more money would solve most of their problems. Nearly a third, 32 percent, said gaining $15,000 would have a meaningful impact on their lives, while 42 percent said a $25,000 gain would make a big difference. 


The vast majority of Americans, 73 percent, reported feeling financial stress amid high inflation and interest rates. A growing share of American workers believe they may have to delay their retirement, if it ever happens at all. 


The Hill’s Miranda Nazzaro has more here

Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley andTaylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.

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Essential Reads 

Key business and economic news with implications this week and beyond:

Amazon hopes to provide two million people with free artificial intelligence (AI) training by 2025 as part of its new “AI Ready” initiative, the e-commerce giant announced on Monday.

The Thanksgiving travel season is expected to be the busiest ever.

Kyle Vogt, the CEO of Cruise, General Motors’s (GM) autonomous vehicle unit, resigned Sunday amid growing safety concerns about the company’s self-driving fleet.

Ron Klain, President Biden’s former chief of staff, will join Airbnb next year as its chief legal officer, the company announced Monday.


The Ticker 

Upcoming news themes and events we’re watching:

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The Federal Reserve will release minutes from the last FOMC meeting, when members elected to pause interest rate hikes, on Tuesday at 2 p.m. ET.


In Other News 

Branch out with more stories from the day:

OpenAI is bringing in the former head of Twitch as interim CEO just days after the company pushed …


Good to Know 

Business and economic news we’ve flagged from other outlets:

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S&P 500 exits correction territory. Thank retreating bond yields. (MarketWatch
Binance faces $4bn settlement to halt US criminal investigation (Financial Times
Flying for Thanksgiving? Here’s What to Know (WSJ)


What Others are Reading 

Top stories on The Hill right now:

Democrats think it’s time for President Biden to recalibrate his economic message if he wants it to resonate with voters going into the 2024 election. Read more

A three-judge appeals court panel expressed skepticism of former President Trump’s attempt to throw out the gag order in his federal 2020 election subversion case, but the judges Monday did seem open to narrowing the order’s scope.  Read more


What People Think 

Opinions related to business and economic issues submitted to The Hill:

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You’re all caught up. See you tomorrow! 

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