You are here: Home - Household Bills - News -

The price of happiness? £82 per week

0
Written by:
11/10/2017
Just £82 a week of spare cash is the route to happiness, according to the annual ‘Cash Happy’ research of 3,000 households.

While happiness does increase with spare cash, there is a point when it starts to slow down. The survey, from SunLife, found that the average person has £44 spare at the end of every week and needs to find an extra £5 a day to be truly happy.

Ian Atkinson, marketing director, said: “Our research shows a strong link between happiness and spare cash – stronger than the link between happiness and income – and the good news is, you really don’t need to be a millionaire to be happy…The happiest households have £194 spare per week, which per person, is £82. This means that if the average household wants to become one of the cash happiest, it doesn’t need thousands – just an extra £91 per week, which works out as less than £40 extra per person per week, or just over a fiver a day. This may sound like a lot, but when you think, buying a takeaway coffee and sandwich every day costs around £5, it doesn’t sound quite so challenging.”

Though spare cash is £447 per month in the ‘average household’, this varies hugely by household type. In absolute terms, over 50s have considerably less than under 50s, (£391 per month compared to £480) but in terms of spare cash as a percentage of their income, they actually have more (32% compared to 31%), which could be one of the reasons they are happier on the whole.

One in four households live beyond their means (5% between £0 and £100 in the red, and 21% more than £100 in the red each month). At the other end of the scale, 23% have between £800 and £2,000 spare each month, while 13% have more than £2,000.

The research shows that around half of those surveyed said they would save at least some of their extra cash, while more than a third would spend it on clothes. However, the happiest households spend their spare money on experiences, with going to the theatre or bowling the top choices for happy spending.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
AnnuityMaike
VIDEO: What is an annuity?

Pension savers nearing retirement may be considering opting for an annuity. We go right back to basics to find out...

Close