Many of us fantasise about winning the lottery and how we’d buy a wonderful home, travel the world, see our families settled, fund charitable projects, but many of us, especially since the pandemic, have seen our priorities change as we’ve become less focussed on money and more interested in having meaning and purpose in our lives.

Yes, there’s a minimum level of income that’s required for money to not be an issue. Having to watch every penny, working several jobs to pay for food, fuel, a roof over our heads and maybe school fees, before even thinking of an occasional holiday and some fun, can result in no quality of life and seriously impact on our health and wellbeing.

Interestingly, studies show that people spend more when they’re short of cash and are acutely aware of their financial circumstances. Similar to those times when you’re on a diet, calculating every mouthful, thinking when and what you’re going to next eat. Or missing your morning coffee shop stop because you’re on a budget can be a miserable reminder of your straitened circumstances.

There are lifestyle choices that people voluntarily make regarding money, compromises they may choose to implement as they sacrifice their quality of life whilst studying, setting up a new business, or taking on a large mortgage. These decisions require them to forgo luxuries or fun times until they’re more established and on their feet. This can be fine when it’s a conscious decision, with a reasonably clear end date in sight.

In a work environment several ways support staff happiness that are more effective than financial incentives, often coming from a positive work philosophy of mutual respect and support. Feeling valued, recognised and appreciated can have a major impact on staff morale, so increasing their loyalty and enthusiasm. Being listened to, given opportunities for advancement can encourage staff to feel important and gain more satisfaction and fulfilment from their work.

Our attitude towards money and how we use it can be a major determining factor in our personal happiness. If our chief focus is acquiring large sums of money it can mean that other parts of our lives become neglected. Relationships, job satisfaction, hobbies and personal life may be discarded if our preoccupation with money and status becomes all-consuming.

Yet, sometimes Imposter Syndrome can push a person to constantly display evidence of how successful they are. They invest in expensive possessions, lavish homes and exotic holidays, using their money to ostentatiously prove how well they’re doing.

But money means much more than fabulous homes, cars and fancy goods. A study released in January 2022, led by Jon M. Jachimowicz, an assistant professor at Harvard Business School, explored the many ways money, when used as a problem-solving tool, results in more overall happiness.

In the study, 522 participants with incomes ranging from less than $10,000 to more than $150,000 tracked daily events and emotional responses for 30 days. The results showed that although there was no significant difference in the frequency of stressful events experienced across income levels, money reduced the intensity of the emotional response to those events. Knowing there was sufficient money available to fund regular bills, as well as cover emergencies and extras helped reduce stress levels.

Access to money allows people to enjoy their lives with a better work/life balance. They’re able to make choices, decisions and fix problems without the additional burden or overwhelm of funding them. There are even instances of high profile earners, business people, athletes and celebrities walking away from opulent lifestyles to spend more time with their families, do what they want and rediscover themselves instead of being under constant pressure to be seen delivering results.

A 2024 study by IG Investment calculated that £4,428,942 is the optimal sum to provide ongoing happiness for life. This amount provides financial reassurance and security. But having a great deal of money is not without stresses and concerns. Some celebrities say how expensive it is maintain their lavish lifestyle, needing personal protection, being seen to be living well and frequenting all the right places.

Also, having money can prompt nagging, underlying questions. Are people friendly because they like you or do they have ulterior motives about what’s in it for them? Money can cause suspicions within relationships as well as power struggles, being expected to ‘behave’ if you want the lifestyle.

A popular saying:

"Do what you love and you’ll never work a day in your life’ highlights the importance of enthusiasm, motivation and job satisfaction."

Being immersed in work, loving what you do, means that you see beyond problems or obstacles, are able to work towards your goals, enjoy the ‘journey’ and remain oblivious to distractions.

There’s satisfaction in earning the money that supports our lifestyles. It’s good to appreciate our efforts, give ourselves credit and then feel that we’ve earned our happiness.

About the Author - This piece was written by Susan Leigh, Counsellor and Hypnotherapist Find out more by visiting her website here