The old adage maintains that “money can’t buy you happiness” but many Brits - and Londoners in particular - disagree, according to research conducted by VoucherCodes and YouGov.
A survey of 2,181 people found that Brits need to earn an average minimum of £39,942 per year to be happy, about 45 per cent more than the average national income of £27, 531. This translates to having a disposable income of £939 per month to spend on experiences like going on holiday.
And Londoners demand the highest annual income in order to be happy at an average of £40,242. Perhaps not surprising as City living is, after all, notoriously expensive.
A higher proportion of Londoners were also found to value material possessions over experiences, while residents in Northern Ireland and the West Midlands were the most likely to be happy with experiences.
Men said they would want a higher income to be happy in comparison to women, averaging at £50,886 per year as opposed to the £29,156 average from female respondents.
Experiences were rated more valuable to happiness than material possessions by 76 per cent of respondents. Holidays were ranked first, followed by having meals out, going on day trips, going out for drinks and attending the theatre.
The remaining 11 per cent said owning nice furniture, living in a nice house or flat, owning fancy tech gadgets, driving a flashy car and having quality home entertainment systems were key to happiness.
Brits are also trying to get thrifty to save up for the experiences and possessions that make life worthwhile. Nearly half of respondents said they take steps to save up for what they want with 32 per cent saving a little money each month for bigger events and 21 per cent for material goods.
Money-saving efforts include buying value products when out shopping, selling items online, avoiding going out too frequently and using discount codes.