The price of happiness rises
The amount of savings needed to be happy has increased, according to the latest research by investment specialist Skandia.
Just over two out of three (64%) people surveyed in April said savings of up to £5,000 would make them happy, compared to four out of five (82%) in 2010, a drop of 18%. The results show that between £10,000 and £20,000 in savings is now required to give as many people peace of mind.
While people are keen to increase their savings, the amount of income they say they need to be happy is relatively modest. Over a quarter (26%) would be really happy with less than £25,000 a year and almost two thirds (62%) would be really happy with an annual income of £50,000 or less.
Graham Bentley, Skandia UK’s head of investment proposition, said: “The rise in the cost of living, uncertainty with the economic climate and talk of recession is clearly making people wish they had a larger nest egg than they might have considered necessary before. However, the amount of annual income they need to make them happy is surprisingly modest, possibly because rising unemployment is making them put more value in having a job that provides predictable income.”