The well-worn phrase ‘money can’t buy you happiness’ has been tested – a recent survey revealed which activities truly bring us joy, could one’s cash actually translate into satisfaction and boost one’s mood? Examining this from the perspective of the UK reveals there is a limit on wealth and happiness.
The recent YouGov survey on the number one hope held by people in the UK today, hopes related to happiness (of self) and hopes related to finances came in at joint-second place.
Personal happiness and a positive financial situation were more important to those surveyed than the hope of world peace, positive health for family members and even the hope of a long life. It seems many of us value our own happiness and wealth highly, but should the two be in correlation with one another?
On average, UK adults rate their happiness levels at a seven out of ten, with younger adults aged 16–29 reporting a lower 6.6 out of ten. With the International Day of Happiness fast approaching on the 20th March 2025, how can we boost these levels further and do we need money to do it?
The commercial finance broker Anglo Scottish Finance has told Digital Journal about the ‘true cost’ of happiness, based on the supposed activities that bring us most joy.
Is £120,000 the mark of happiness?
Research shows a logarithmic relationship (log to base 10) between money and happiness, meaning that if a person’s income jumps from £20,000 to £40,000, they may experience a certain level of happiness. Yet, in order to receive this same happiness boost in the future, their income would again have to double, taking them up to £80,000.
According to the same study, this relationship between wealth and happiness only exists for those earning up to £120,000 – once someone hits this milestone, they are unlikely to receive another happiness boost at the prospect of more money.
Interestingly, the recent survey examining the activities that bring us the most joy reveals a link between cheaper, more emotional activities and a genuine happiness boost.
Sleep
It is revealed that 51% of those surveyed agreed that a good night’s sleep increased their happiness levels, making it the top-rated activity to boost joy. So just how much does a great night’s sleep cost? Well, you don’t necessarily have to break the bank with a stay in a fancy hotel – why not just bring the luxury home?
The Independent’s best overall bedding set for 2025 comes in at a cost of £50, while a homeowner can buy a quality pillow for a similar price (£49). Sleep mists and eye masks can also help lull you into a dreamy slumber, with luxury versions coming in at around £20–£30.
You could go all out and buy The Daily Telegraph’s best mattress of 2025, retailing at £1,149, for a truly luxurious sleep. Although this is a large initial investment, if you look at the price-per-sleep (over the average mattress lifespan of eight years) the cost drops to just 39p per night.
Socialising
Moreover, 46% of those surveyed agree that spending time with family and friends helps to boost overall happiness. Depending on your budget, you could do this for free – simply inviting friends around to your home or out for a walk, or chatting to family over Zoom or FaceTime. But, if you’re able to spend a bit more, you could book a meal out together (interestingly, this is also number nine on our list), go for a few drinks or book a joint holiday! If we focus on more budget-friendly options, you could meet a friend or family member for coffee at a local café for an average of £3.51 each.
Vacation time
Rounding out the top three activities is a trip to the beach on a nice sunny day, which 44% of us agree brings us joy. Depending on how far you live from the beach, your travel costs may be higher – however, no one in the UK lives more than 80 miles away from the sea.
The average journey of around 80 miles costs about £15 in the UK. Once you arrive at your beach of choice, you could simply enjoy a walk along the sands – but, chances are, you’ll also want to get something to eat, grab a coffee and perhaps buy a souvenir or two.
A portion of fish and chips costs around £10 today, with the average coffee coming in at £3.51. if we budget another £10 for souvenirs and other costs, the typical trip to the beach comes in at around £38.51.
The top 10 ways to spend money to boost happiness
- Enjoy a good night’s sleep – splash out on the luxury experience at home with new sheets, a pillow, sleep mists, eye masks and quality pyjamas for an estimated £159.
- Spend time with friends and family – enjoy a coffee together for £3.51 each.
- Head to the beach on a sunny day – drive out to your beach of choice, enjoy some food, a coffee and the chance to buy some souvenirs for an estimated £38.51.
- Sleep in freshly washed sheets – On average, a washing machine cycle costs just 40p–50p. The overall cost of a single wash cycle will depend on your individual machine, as well as how much you pay for your water and electricity – you can calculate your specific costs using this handy tool.
- Stroke your pet – the average monthly cost of owning a pet in the UK is between £77–£362.
- Speak to your family – if you family live close enough, you could do this for free! Otherwise, the average monthly phone bill in the UK comes to £34.51.
- Listen to your favourite song – you can use free platforms, such as YouTube, to listen to your favourite songs. Alternatively, a subscription to music app Spotify costs £11.99 per month.
- Eat some delicious chocolate – you can buy a large chocolate bar for between £1.65 and £2 at most major supermarkets.
- Share a meal with a friend – estimates show that the average price of a meal out in the UK now stands at £85.
- Look at pictures of your family – this is another activity you could do for free, if you have family photo albums to hand! But, with most of us storing photos on our phones nowadays, it’s likely you’ll be paying a monthly phone bill of around £34.51.
Whether your idea of happiness is tied to money or not is open to debate and requires an understanding of self-actualisation; however, the results show that people do not need extreme wealth in order to embrace moments of true happiness throughout any given day.
