It turns out that money really can buy you happiness.
New research from psychometric testing company Onetest has found money does buy happiness, but only up to point.
The survey of almost 3000 working Aussies found that people earning between $100k and $125k a year are over the moon, with 86% of the group saying they are satisfied with life.
But don’t assume that earning anything over that will improve your contentment, with the survey identifying that after $125k satisfaction drops off.
In fact, people earning between $75k and $100k are more satisfied with their lives than those earning over $150k.
Onetest’s head of psychology Cherie Curtis puts this down to affording the essentials being all a person really wants.
“Once you have finances in order, you can provide for family, pay your bills and you’re earning in line with your peers, motivation through money starts to have a plateau effect,”
“There could also be correlation between higher salary and seniority, and there could be a correlation between seniority and stress,” Curtis points out.
And interestingly it’s our miners that are the cluckiest of all.
The highest satisfaction by industry was in mining oil and gas, where 87% of people surveyed were satisfied with life. The lowest was marketing and sales with just 54% cheerful with how things are going.
But Curtis qualified the findings by pointing out that those surveyed had been in the industry for less than 10 years and may not have meandered into a “weary period” yet.
The study also identified a correlation between high wage industries and satisfaction as mining workers brought home the highest average annual salary of $91k. This was followed by insurance employees on $80k and banking and finance workers on an average salary of $77k.
After mining oil and gas employees, defence workers were the next most satisfied group at 84%, insurance at 81% and environmental employees at 81% too.
At the other end of the rankings, just 55% of hospitality, sports and tourism workers were satisfied and 60% of arts and humanities employees pumped up.
Check out how your industry fared in the full results.
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