Yes, money really can buy you happiness

The question of whether money can buy happiness has long been debated. Most of us are brought up to believe that money won't buy happiness and instead this comes from spending time with our nearest and dearest, from doing jobs that we enjoy, and from having great experiences.
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So it’s interesting to read a study by the Office for National Statistics shows that in fact, happiness does increase along with our disposable income. The study also found that having a cushion to fall back on reduces our anxiety.

So it may be the case that knowing you can withstand unexpected events, or even just replace a faulty washing machine, without taking on unmanageable borrowings is the route to contentment.

In short, money provides security and that makes us happy.

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In the second part of our Women and Debt report, Debt Advisory Centre asked women what changes in their financial circumstances would make them most content.

Rather than having luxuries, the majority of women said that having the security of being able to comfortably live their everyday lives without money worries would make them happy.

Almost 60% of the 2,500 women we spoke to said that owning their homes without a mortgage, or paying-off unsecured debts, or just being able to afford their household bills would bring them the greatest happiness.

Just 10% of women said they would feel happiest after buying a new car and 8% after having small treats, such as a new pair of shoes.

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Instead, a bigger driver for women’s happiness is being able to afford great experiences, such as an overseas holiday.

Interestingly, women under-25 and over-55 are most likely to say they would value having spare money to spend on experiences. Whereas, women in their 30s and 40s would gain greater happiness from owning their own homes – possibly explained by these women being most focused on gaining security for themselves and their families.

Marriage has a big influence on women’s desire to be financially secure. Almost 4 in 10 women who are married with children, and a third of women who are married without children, say being mortgage-free would make them happiest. That compares to just a quarter of women who co-habit with children, and a fifth of single mothers, who say they would be happiest owning a home outright.

The Women and Debt report uncovered the levels of money pressure that women raising children on their own can feel. Twice as many single mums, than married mums, say happiness comes from being able to afford household bills and not fearing what the post will bring every morning.

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With the alarming statistics in our report that 53% of single mums are struggling with debt – and almost 70% of all women rely on credit - it is easy to see why for many women money doesn’t necessarily buy happiness, but being free of money worries does bring solace.

Anyone who feels that they are being overwhelmed by their debt should seek advice as soon as possible, from the Money Advice Service or a specialist debt advice provider, such as Debt Advisory Centre.

Debt Advisory Centre: 0161 871 4881