The cost of happiness
New research by Skipton Building Society has calculated the cost of financial happiness is an extra £6.75 a week.
The research suggests that this amount of additional savings is enough to make most Brits stop worrying about money and banish feelings of guilt.
The survey asked how much people need to save to feel happy about their financial situation. The average amount named by respondents to the survey was £194 a month.
With the average Brit already saving £167 a month, this leaves a financial happiness target shortfall of £27, or £6.75 a week.
According to the research, the average Brit currently scores 4.3 out of 10 on the ‘financial happiness scale’. This suggests that most of us feel unhappy about our finances.
There are regional differences in the cost of financial happiness, with those living in London needing to save £254 a month to reach their financial happiness levels. People living in the East of England would be happy with £167 a month.
The stress and worry associated with money is often overlooked, but financial happiness can make a big contribution to overall levels of happiness in life.
Photo courtesy of alancleaver_2000.