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Survey: Millennials Say They Need a Salary of $80k ‘to Feel Happy’

Those younger than 30 need $53,500, while those 30 and up need $101,500.

By Jane Burnett 

New research from TD Ameritrade shows that according to Millennials, they need an average salary of $80,000 each year “to feel happy.”

But there are large disparities between what different groups want. Those younger than 30 said that this number was an average of $53,500, while those 30 and up said that it was an average of $101,500. But while the minimum average yearly income that men said they needed “to feel happy” was $118,000, this number was $58,500 for women.

Head Solutions Group polled 1,519 Americans between the ages of 21 and 37 for TD Ameritrade.

The least amount of money Millennials need annually “to feel happy”

It’s clear that respondents have different financial requirements for happiness — here’s how they weighed in:

  • “Less than $25,000 per year:” 22 percent
  • “$25,000 to $49,999 per year:” 14 percent
  • “$50,000 to $74,999 per year:” 22 percent
  • “$75,000 to $99,999 per year:” 12 percent
  • “$100,000 to $149,999 per year:” 13 percent
  • “$150,000 or more:” 16 percent

Here’s a bit more context: in 2016, Millennials said they needed an average yearly income of at least $51,000 “to feel happy.”

TD Ameritrade also noted this in the report: “averages exclude top and bottom 5% (i.e. exclude outliers) and have been rounded to the nearest $500.”

How much money Millennials think they’ll earn per decade

All signs point to middle age:

  • 20s: 8 percent
  • 30s: 27 percent
  • 40s: 39 percent
  • 50s: 15 percent
  • 60s or 70s: 4 percent
  • “I don’t know:” 7 percent

How many Millennials earn money on the side — and why

While 46% of employed Millennials say that they work a “side hustle,” 54% say that they don’t. Among those that do, here’s why:

  • “I need/want the additional income my side hustle provides:” 43 percent
  • “My side hustle is my passion/it is what I like to do:” 31 percent
  • “I use my side hustle to get experience in an area of work I want to do in the future:” 22 percent
  • “None of the above:” 4 percent

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Originally published at www.theladders.com.

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