In a city where you can barely leave your front door without spending £20, it’s hardly a surprise to discover that London comes with the highest happiness price-tag in the UK. We all know that money makes the world go round. But exactly how much of it do we need to be our happiest, most sparkly selves?
Using information from Purdue University’s study on the relationship between money and happiness, S Money have calculated the optimum amount of money you need to be earning to reach peak happiness. Purdue’s study shows that a higher income generally does improve a persons mood – an astounding discovery, right? However, this was only true to a certain point. The financial sweet-spot, if you will. Past this point, the study showed that the correlation between salary and satisfaction started to dwindle.
So, let’s get down to business. What is the true cost of contentment in the capital city? Drum roll please… to be truly happy in London, you need to be earning a whopping £79,524 a year. Wowza.
Considering the extreme levels of wealth inequality in London and the fact that the average salary is £37,000 (less than half of the ‘happiness premium’), “happiness (or the peace of mind required to achieve it) is permanently out of the grasp for most Londoners”, says S Money.
Although London is an extremely expensive place to live (and an even more expensive place to be happy), not all is lost for us mere mortals. How we spend our money has far more baring on our happiness than how much of it we have. Our social connections and relationships are the most sure-fire way to keep the smiles on our faces.
Essentially, what I’ve learnt is: I’ve got 99 problems, and apparently most of them would be fixed with a £79,000 salary. But until then, my friends and family will have to do. And I guess all the free things there are to do in London will come in handy too.
Read the full study here.