A bigger paycheck could buy you a better quality of life, according to a Marist poll released on Tuesday.
The study found that American households that bring in less than $50,000 per year were more likely to say that they are "not very happy" and are concerned about becoming a financial burden to family members.
Households that earn more than $50,000 have a better quality of life than households making less than $50,000 per year, according to the study. Incidentally, more than half of all American households make less than $50,000 per year, according to the Census.
The well-being of Americans making less than $50,000 per year is 12 percent worse than the well-being of Americans making more than $50,000 per year, according to the Marist poll. Americans with household incomes below the $50,000 threshold are less satisfied with their health, work, housing, finances, free time, neighborhood safety, social lives, and family lives, among other things.
Just one-quarter of Americans making less than $50,000 per year call themselves "very happy," in contrast to 34 percent of Americans with household incomes higher than $50,000 per year, according to the Marist poll. Americans with household incomes of less than $50,000 per year also dread aging more, according to the poll.
Can money buy happiness? That depends on how much you make. A study by Princeton University in 2010 found that higher pay translated to increased happiness, up to $75,000. After surpassing that benchmark, money had no affect on happiness, according to the study.
Of course, how far your dollar goes depends on the cost of living where you live, as the Wall Street Journal points out. The threshold for achieving happiness in New York City was $163,000 in 2010, according to the Wall Street Journal, while in Fort Smith, Ark. and Pueblo, Colo., one only had to earn $62,000 to achieve happiness.
Americans' median household income was just $49,445 per year in 2010; 2.3 percent less than what it was in 2009, according to the Census.
And Americans can't expect much of an income boost anytime soon. With unemployment high, companies are squeezing more productivity out of their workers and letting their inflation-adjusted wages fall. The median wage in 2010 was just $26,364 per year.
Support HuffPost
Our 2024 Coverage Needs You
Your Loyalty Means The World To Us
At HuffPost, we believe that everyone needs high-quality journalism, but we understand that not everyone can afford to pay for expensive news subscriptions. That is why we are committed to providing deeply reported, carefully fact-checked news that is freely accessible to everyone.
Whether you come to HuffPost for updates on the 2024 presidential race, hard-hitting investigations into critical issues facing our country today, or trending stories that make you laugh, we appreciate you. The truth is, news costs money to produce, and we are proud that we have never put our stories behind an expensive paywall.
Would you join us to help keep our stories free for all? Your contribution of as little as $2 will go a long way.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
Contribute as little as $2 to keep our news free for all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
Dear HuffPost Reader
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. Would you consider becoming a regular HuffPost contributor?
Dear HuffPost Reader
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. If circumstances have changed since you last contributed, we hope you’ll consider contributing to HuffPost once more.
Support HuffPostAlready contributed? Log in to hide these messages.