The financial planner Empower conducted a study on the relationship between money and happiness in America. According to their findings, 59% of Americans believe that money can buy happiness, and it costs around $1.2 million. Two-thirds of respondents equate financial happiness with being debt-free and paying bills on time, while just 17% said net worth is the definition of financial happiness.

The survey polled 2,034 Americans over the age of 18 between August 7th and 14th, with an overall margin of error of 2.9 percentage points. When asked about financial happiness, the most common response was “freedom,” followed by “security” and “relief.”

On average, respondents said they would need a salary of $284,167 per year to be happy. Men’s salary requirement was much higher at $381,000 compared to the average female salary of $183,000. There was also a significant generational divide in salary expectations. Millennials had the highest average salary expectation at $525,000, while Generation Z had the lowest at $128,000.

More than seven in ten respondents said that having more money would solve most of their problems. Nearly one-third (32%) said gaining $15,000 would have a meaningful impact on their lives while 42% said a gain of $25,