7th August 2015
Money can’t buy happiness, but it does help and Britons said they need £310 in spare cash each month to feel happy.
SunLife’s ‘cash happy’ study shows the average household income in the UK is £1,970. This has to cover an average rent of £433 or mortgage of £450, £250 in loans or credit card payments of £120, as well as other monthly costs such as food, clothes and transport.
At the end of the month the average that is left is £381, or £166 per adult – breaking down to £38.19 a week.
This means 81% of the money we earn is already earmarked for regular outgoings, leaving just one pound in every five we earn as spare cash. That means money earned Money to Thursday is to cover your living costs and money earned on a Friday is yours to spend as you like.
The study showed that to be in the happiest 10% of people in the UK, a person needs £310 spare cash each month, or £71.54 a week.
SunLife managing director Dean Lamble said the survey showed having spare cash is important for happiness.
‘Perhaps the bigger story here is that it shows how beneficial it can be to budget, to try and give ourselves a bit left over at the end of every month,’ he said. ‘It also shows that financial happiness could be more attainable for many people than they might think, with the average person needing to find an extra £33 a week – less than £5 a day – in spare cash to be among the happiest in the UK.’
The survey showed that regionally, Londoners have the least spare cash at 17% as although salaries are higher, so are outgoings. The Scots have the most spare cash at 23%, above the national average of 19%.