Money Is Not Key to Happiness for Majority of Americans: 3 Areas They Focus on Instead of Wealth
Written by
Yaël Bizouati-Kennedy
Edited by
Nicholas Morine
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The saying “money can’t buy happiness” rings true for many Americans this year as they are choosing to focus on different areas of life instead. Indeed, many Americans do not see hustle culture as sustainable and instead see it as a means to an end, according to a new KeyBank 2024 Financial Mobility Survey, released Jan. 22.
In turn, many are prioritizing well-being over making more money as of late — doing so while still working to achieve financial mobility.
Soft-Life Culture
In fact, 72% of Americans polled would rather define success based on a soft-life culture focused on happiness, contentment, and fulfillment. Further, 54% say a hustle culture that defines success based on wealth, status, and achievement can lead to burnout and negatively impact well-being, the survey found.
Also reflecting this trend, 66% of Americans would rather work a job they love with a lower-paying salary than work a job they hate with a higher-paying salary. A full 72% of women said as much, as well as 59% of men.
Dan Brown, KeyBank executive vice president and director of consumer product management, said these findings were not surprising, despite the tighter economic landscape and labor market.
“Americans are continuing to prioritize balance and well-being in their professional, personal and financial lives,” he said. “As we move into 2024, Americans are learning to manage societal pressures and their spending habits and are looking to build a financial plan that will allow them to accomplish long-term financial mobility and independence without sacrificing their desires and happiness.”
The Importance of Work-Life Balance
Continuing a trend seen year-over-year, Americans value work-life balance (63% of respondents said as much) more than a high-paying salary (27%) the survey found. And when asked what “thriving in America” means, 42% chose work life balance.
In addition, 51% of Americans — including 56% of women and 45% of men — agree that a balance between soft-life and hustle culture is ideal for overall well-being.
“At the end of the day, Americans all want to feel fulfilled, and the survey showed that we’re prioritizing happiness over status and achievement and that money can’t buy happiness, but working in a job you love could help,” said Brown.
Yet, there are also generational differences. For instance, 56% of Gen Zers identify with hustle culture, the highest result of any generation. In comparison, 40% of millennials identify with this, while just 27% of Gen Xers and 11% of boomers agreed with zoomers’ take on hustle culture.
Dreams of Homeownership
Against the backdrop of a very difficult housing market for many Americans — partly due to soaring rates, low inventory and high prices — the survey also found that many are making financial changes to achieve the dream of homeownership.
Of those who are in the market for a home, the top step taken to save money for a home is to put money in a dedicated savings account (43% indicated as much). Yet, 29% of Americans do not own a home and do not plan on purchasing one in the next 12 months.
And of those respondents, only 10% indicate that home ownership is “very attainable,” the survey noted.
“At a time when home ownership feels unattainable to many, it’s no surprise that Americans, particularly younger generations, are choosing to make financial changes in order to achieve the dream of homeowners by putting money aside, creating budgets, and reducing unnecessary spending to feel more confident in their financial approach,” said Brown. “The homebuying process can seem intimidating, especially in a challenging economic environment.”
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