Wells Fargo Study Determines That Money May Buy Happiness
Despite the old adage that “money can’t buy happiness,” a new study by Wells Fargo is linking money with happiness among the maturing millennial generation. That happiness, however, is not related to purchasing big ticket items or even avocado toast, but rather the happiness stems from financial stability and responsibility.
The bank’s survey follows other recent studies in the areas of consumer spending and debt management. A survey published last month by the Consumer Financial Protection Bureau found that young age served as a predictor of lower financial well-being, echoing the sentiments of the Wells Fargo study by noting: “These findings highlight the importance of savings and other safety nets in helping people to feel financially secure, one of the basic elements of financial well-being.” For many, savings, and the financial security brought about through monetary safety nets, continues to prove elusive as 4 in 5 Americans live paycheck to paycheck. Outstanding credit card debt in the United States is expected to top $1 trillion before the end of the year, and a poor jobs report last week could signal a slowing economy.