This is exactly how much money you need to earn each year in order to be happy, finds new study

Lauren Clark
·2-min read
Researchers have revealed the minimum salary people in the UK need for optimal wellbeing
Researchers have revealed the minimum salary people in the UK need for optimal wellbeing (Getty Images)

You wouldn’t be alone if you thought that only millionaire status could bring you true happiness.

But a new study has revealed the minimum amount of money you need to earn in the UK for optimal wellbeing.

Researchers at Raisin UK discovered an annual salary of £33,864 - or more - was what British people on the whole needed in order to feel good.

According to Metro.co.uk, they analysed data from the Office for National Statistics and Happy Planet Index to settle on this rather specific amount.

Read more: This is the secret to happiness, according to Harvard scientists

To come to their conclusions, they identified which parts of the country are happiest, how much the happiest people living there earned, and also how much you needed to earn to be happy in each location.

Next, they took an average salary of the cities in the UK where money most affects happiness.

These included Cambridge, St Albans, Chelmsford, Perth, Edinburgh, Derby and Bath.

The link between a £30k-plus salary and happiness is only applicable to British people, with those around the world requiring more like £64,057.28.

Read more: People are happier making big life decisions on a coin flip, study finds

Kevin Mountford, Co-Founder of Raisin UK, said: “While our research suggests money can buy happiness it’s not always the case in real life when put into action.

“Money does help ease the stresses of daily life which could mean a longer life expectancy in the long-term.

“Using the Raisin UK does money buy happiness research can help you decide which city across the UK and country in the world to live in to be the happiest you possibly can.”

Of course, having more money means you’ll be better able to meet your basic needs - but also treat yourself to some luxuries as well.

Read more: Causes of loneliness differ dependent on your generation, study finds

It’s also worth noting that some places are more expensive to live than others - like London.

Last month, Harvard scientists revealed the secret to happiness is volunteering.

They found that people over the age of 50 who regularly help others are reported to have a higher sense of wellbeing than those who don’t.

What’s more, volunteering associated with a lower risk of death as well as a smaller chance of developing complicated health issues.

In order to reap the benefits, people needed to give their time for just two hours a week.