The age-old question of "How much money do I need to be happy?" has persisted throughout human history. In ancient times, the pursuit of happiness involved possessions like land, servants, wives, and livestock. Interestingly, today's considerations still incorporate historical measures of wealth.
If we were to inquire about the monetary or gold threshold for happiness among Europeans, the answer is far from one-size-fits-all. Various factors, including age, gender, and other considerations, play a role in shaping individuals' perspectives on financial contentment. Let's delve into the insights provided by survey respondents on both sides of the Atlantic in Europe and America.
To Be Happy, How Much Do You Need to Earn?
A recent study of Purdue University Study of citizens in Western Europe and Scandinavia asked Europeans how much they would need to make each year to be happy. The most common response - €100,000 per year. Interestingly, that figure is much lower in Eastern Europe, at €45,000. Now, how much is that in gold? Well, on an annual basis, €100,000 comes out to 45 ounces of gold each year. That equates to earning one troy ounce of gold every 6 days. In Eastern Europe, the figures are 20 ounces of gold each year and one troy ounce of gold every 13 days.
What About Across the Pond?
By comparison, how much do you think the average American thinks they need to make to be happy? The American figures are broken down by generation. Of the four generations (Generation Boomer, born between 1950 and 1964); Generation X, born between 1965 and 1979; Generation Millennial, born between 1980 and 1996; and Generation Z, born between 1997 and 2010), which generation do you think has the highest figure?
Amazingly, it’s the Millennial Generation. Generation Millennial indicated that it needs to make 259 troy ounces of gold each year (that’s $525,000 / €483,000). That is one troy ounce each day! For most Millennials, they may be better off becoming gold miners with that type of astronomical number needed in order to be happy.
The other generations were a bit more pragmatic. Generation X, the generation just before the Millennial generation, said they needed to earn 64 gold ounces each year to be happy (€120,000). Generation Boomer and Generation Z were the least aspiration in their money objectives, indicating they only needed to make 61 and 63 ounces of gold each year to be happy (that comes out to 4 working days for a troy ounce of gold, or €114,000 and €118,000, respectively).
Summing Up
Overall, Europeans generally require much less in an annual salary take to be happy than Americans. Part of the divide can be seen by generation, where today’s Millennials said they needed a whopping 259 troy ounces of gold each year to be happy. Simply amazing how different generations view the world – especially in terms of money!
