Londoners earn far more but are the least content with income throughout UK
Most Britons feel their current household earnings are significantly below an adequate amount required for them to live happily, stating that an additional income equivalent to the average UK salary of £26,500 would allow them to feel content. Just 17.5% of respondents in a new survey said they are content with their current income level.
Helping fellow family members and paying off debt are amongst the most common reasons for wanting more income, but holidays and travel money came out as most important for those surveyed.
The research, conducted by money-saving website Voucherbox.co.uk, found that Brits feel they earn £26,557 too little in order to live a happy life, whilst a family income of £53,057 was polled as the ideal household salary in order to live contentedly. Those living in London stated they required the highest additional income to achieve happiness, at £30,515 more annually, whilst those residing in the South West opted for £21,000 additional income.
Despite having the lowest regional household income of those surveyed, at just under £29,000, the South West also garnered the highest number of respondents (23%) who felt they did not need any additional income to achieve happiness, followed closely by Scotland, with 21% of satisfied respondents. London ranked lowest in terms of regions where residents were already content, with only 14% of Londoners content with current earnings, despite respondents in this area earning the highest average household income at £41,000.
Holidays and travel polled as the most popular reason for wanting additional income across all regions, often followed closely by ‘paying off debts’ and ‘paying off mortgage’.
UK Country Manager Shane Forster commented, “Despite the old adage ‘Money can’t buy you happiness’ it seems Brits can put a number on the additional amount they would need to feel more cheer. Although it may not be surprising that London ranked as the location where the majority of respondents felt they needed more cash to achieve contentment, the really insightful information is that respondents in the South West were already living the happiest lives on their current incomes. Clearly the imbalance between the cost of living and salaries or disposable income is more exaggerated in some parts of the UK than others which can put real pressure on people in their daily lives.”
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You can view an infographic in relation to this research at our blog, here.