Money Does Buy Happiness
October 06, 2014

Money does buy happiness according to 49 percent of households worth at least $25-million surveyed by Spectrem Group. Interestingly, the older the person, the more likely one is to say that his or her happiness is greatly influenced by the wealth that he or she created.

Younger investors with $25 million or more indicated concern and were more worried about their financial situations than their wealthy senior counterparts, along with the unwanted attention that comes with that kind of wealth. “Some of that attention has come from family and friends. Four-in-ten ultra-wealthy respondents said that acquaintances ask them for money.”

The findings of this research are somewhat contradictory to common wisdom. We would think that as one ages, money becomes less important than other factors of well-being, such as health and family. And we would think that the young would enjoy wealth more, because wealth means opportunities if one is expanding their financial situation, such as investing in business’s and other financial opportunities or the luxury of retiring early.

Perhaps seniors are enjoying their wealth by traveling, having the security of enough income in retirement and knowing that they can afford additional health care if needed.  Also many seniors probably have had longer time frames to get used to their wealth and feel comfortable with it.

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Disclaimer: The views expressed in this article are the opinions of the author and should not be interpreted as individualized investment advice. Investment objectives, risk tolerances and the financial situation of individual investors may vary. Please consult your financial and tax advisers before investing.

Susan Templeton

October 2014