Although the happiness salary can fluctuate, £33,000 for a single person is estimated to be the tipping point of happiness and on the other end, going above £75,000 is where more stressors begin to creep in. Ultimately it also depends on expenses: the more one conserves when it comes to daily spending then the more they have to put towards expenses they truly enjoy like holidays or new material possessions, but what can the happiness salary for a single person actually buy in one year?
The happiness salary has been controversial since its first estimation, namely because the lower end of the spectrum at £33,000 would not even cover the basic necessities for the average family of four in the UK, which is around £40,000.
However, many people dream of being on the upper end with a salary of £75,000, but what can this actually buy them? And in the end would it be satisfactory enough to buy happiness as well?
Afford to travel
For starters, £75,000 could buy season tickets to watch Chelsea FC for the next 28 years, a four night stay in The Royal Suite at the Burj Al-Arab, one of the most expensive hotels in the world.
According to travel blogger Carla Vianna, who backpacked across 22 countries and three continents in 10 months with her boyfriend says on her website that their trip around the world cost $18,599 (£13,616) per person.
On the happiness salary one can afford to do this once-in-a-lifetime trip five times.
Afford memorable moments
In the memorable moments industry, a £75,000 salary is twice the amount needed for the average UK destination wedding, leaving room for a luxurious honeymoon as well.
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University tuition prices have consistently risen over the past few years and will likely continue to do so, with current costs for a three-year degree in the UK taking the biggest chunk out of the happiness salary, sitting at £55,620.
Afford brand new
Alternatively, for those that favour material things over experiences, the happiness salary can afford them a brand new BMW M4 with plenty of spare change to pay for petrol and 25 of Louis Vuitton’s latest handbags, the Pochette Tete.
It could also help many first-time buyers achieve their dreams: purchasing a two bedroom villa in Dundee, Scotland with absolutely no debt involved.
Afford to plan
For those with investing priorities, purchasing £75,000 worth of BitCoin in 2016 (roughly 161 tokens) would’ve seen a return in 2021 of £4,969,481.
Which? estimates that a comfortable retirement costs around £35,000 per year, so putting aside a considerable amount of the happiness salary for one’s later years should be the first step they take every time the paycheque comes in.
It’s fair to say that the happiness salary can get people a fair share of luxuries, however, this doesn’t incorporate the daily spending on necessities that everybody has which is why the salary has been so controversial.
On average, a single Briton spends £2,100 on food every year with an additional £915 on alcohol. Privately renting a place averages at £695 per month but in certain areas this can rise to almost £2,000.
With these and all other household expenses combined, the average price for simply living in the UK is around £17,000 per year. Stealing a sizeable chunk of what should be people’s ‘happiness’.
The basics of estimating the happiness salary relies on finding the middle-ground between worrying about paying bills and worrying about raising spoiled brats, a fine line where all expenses are paid for but not everything is handed on a silver platter.
For some, the biggest issue with this salary estimate is trying to find jobs that actually pay it. Find some of the most well-paying jobs in the UK right here.
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