The phrase ‘money can’t buy happiness’ dates back to the eighteenth century, but it seems it’s still true in modern day America – at least when it comes to employment.
A new survey by KeyBank has found that most Americans (66%) would rather work a low-paying job they love than have a higher salary but have to do something they hate. Work-life balance (63%) also ranks above a bigger wage packet (27%).
Not that the survey suggests a lack of interest or concern about finances. Far from it, with a quarter of respondents saying they are spending more and saving less now than in recent years and 60% believing the U.S. is already in recession or will be soon with millennials and GenXers most likely to thing so.
Around half of respondents said they are using their savings more this year.
The cost of living causes daily financial stress for 30% of those who took part in the poll and 59% are cutting back on nonessential items. Such is their shame about the current state of their finances that 57% of the 1,000 people polled said they would rather share their recent Google search history than their monthly credit card statement.
The survey also asked about homeownership dreams with 43% who do not currently own their home saying they are saving to buy using a dedicated account, although 29% do not own a home and do not plan on buying in the next 12 months, with only 1 in 10 of them saying that home ownership is very attainable.
"We all want to feel fulfilled, and our survey shows that Americans are prioritizing their happiness and personal life over money—but facing inflation, societal shifts and economic uncertainty, many remain concerned about their financial futures," said Daniel Brown, EVP & Director, Consumer Product Management at KeyBank. "As the everyday cost of living increases, many of us will have to make critical lifestyle and financial decisions in the year ahead for not only ourselves, but also our households—balancing our lives outside of work with our financial needs and habits for the long term."
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