It’s the philosophical question that has been debated for centuries: can money buy you happiness?
A new study argues that not only can money make you happier, it also has a specific price tag.
The report by the science journal Nature found that happiness is achieved at an annual salary of $184,000 for an individual and $264,000 for a couple.
That’s higher than the global average of $132,000.
Naomi Simson, co-founder of the Red Balloon parent company The Big Red Group and John Winning, founder of Appliances Online, shared their views in a panel discussion on Your Money Live.
Simson said it all comes down to what you’re doing with your money.
“If you’re paying bills it doesn’t make you really happy. But there is research to suggest that if you’re spending money on experiences, on shared times and creating memories, then absolutely,” she said.
However, Winning was sceptical of the science used in the study.
“I think if you ask a human ‘can money buy you happiness?’, they’d say sure… but the part of the brain that’s answering that question is not the part of the brain where happiness sits,” he explained.
“We all like to think that if we had a little bit more money we’d be happier, but if everyone were to earn three times as much as we are now and we were asked that same question, they’d probably double that amount.”
Watch the full discussion in the video above.