BLOG: Can money really buy you happiness?

In a recent YouGov survey on the number one hope held by people in the UK, hopes related to happiness (of self) and hopes related to finances came in at joint-second place.

Personal happiness and a positive financial situation were more important to those surveyed than the hope of world peace, positive health for family members and even the hope of a long life. It seems many of us value our own happiness and wealth highly, but should the two be in correlation with one another?

On average, UK adults rate their happiness levels at a seven out of 10, with younger adults aged 16-29 reporting a lower 6.6 out of 10.

Here, commercial finance broker Anglo Scottish Finance reveals the true cost of happiness, based on the activities that bring us most joy. Surprisingly, this cost may be lower than you think.

As Professor De Neve says, a logarithmic relationship between money and happiness means that if your income jumps from £20,000 to £40,000, you may experience a certain level of happiness. But in order to receive this same happiness boost in the future, your income would again have to double, taking you up to £80,000.

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According to the YouGov survey, this relationship between wealth and happiness only exists for those earning up to £120,000 – once you hit this milestone, you are unlikely to receive another happiness boost at the prospect of more money.

‘Emotional activities provide genuine happiness boost’

Interestingly, the recent survey examining the activities that bring us the most joy reveals a link between cheaper, more emotional activities and a genuine happiness boost.

Half (51%) of those respondents agreed that a good night’s sleep increased their happiness levels, making it the top-rated activity to boost joy. So just how much does a great night’s sleep cost? Well, you don’t necessarily have to break the bank with a stay in a fancy hotel – why not just bring the luxury home?

The Independent’s best overall bedding set for 2025 comes in at a cost of £50, while you can buy a fantastic pillow for a similar price (£49). Sleep mists and eye masks can also help lull you into a dreamy slumber, with luxury versions coming in at around £20-30.

You could go all out and buy The Telegraph’s best mattress of 2025, retailing at £1,149, for a truly luxurious sleep. Although this is a large initial investment, if you look at the price per sleep (over the average mattress lifespan of eight years), the cost drops to just 39p per night!

Over two-fifths (46%) agree that spending time with family and friends helps to boost overall happiness. Depending on your budget, you could do this for free – simply inviting friends around to your home or out for a walk, or chatting to family over Zoom or FaceTime.

Rounding out the top three activities is a trip to the beach on a nice sunny day, which 44% of us agree brings us joy. Depending on how far you live from the beach, your travel costs may be higher – however, no one in the UK lives more than 80 miles away from the sea, according to the Maine Conservation Society.

The average journey of around 80 miles costs about £15 in the UK, based on 160 pence per litre (ppl) in a vehicle averaging 45 miles to the gallon. Once you arrive at your beach of choice, you could simply enjoy a walk along the sands – but, chances are, you’ll also want to get something to eat, grab a coffee and perhaps buy a souvenir or two.

A portion of fish and chips costs around £10 today, according to the Office for National Statistics (ONS), with the average coffee coming in at £3.51. So if you budget another £10 for souvenirs and other costs, your trip to the beach comes in at around £38.51.

Top 10 mood-boosting activities:

Stuart Wilkie is head of commercial finance at Anglo Scottish Finance