Feature

Could saving money be the key to happiness?

More money, fewer problems

Turns out, money can buy you happiness.

But, as a new survey reveals, it's not about spending more cash on pricey objects or raking in a higher paycheck.

Instead, the findings of an Ally Bank survey suggest that the more we save, the happier we are.

For those Americans who currently have a savings account, 38 percent report feeling very or extremely happy — whereas only 29 percent of those without any kind of savings report the same. Respondents revealed that socking away their cash made them feel even better than exercising, eating healthy foods, or having an enjoyable job.

And, not surprisingly, there's a connection between just how much you have in that account and how likely you are to be happy: 34 percent of those who reported overall happiness had less than $20,000 in savings, 42 percent had between $20,000 and $100,000, and 57 percent had at least $100,000 socked away.

While that correlation may seem obvious, there was another finding that didn't seem as intuitive: According to the survey, saving more money was actually a greater contributor to happiness than earning more money. For instance, of those earning $50,000 to $75,000, 40 percent reported they were extremely or very happy; of those earning $150,000 or more, 45 percent said they felt the same — showing that, essentially, happiness plateaued after the $50,000 salary mark. In other words: It's not about what you have, but how you use it.

Unfortunately, 53 percent of those surveyed fessed up to not having a savings plan. If you'd like to join the group of happy savers — but aren't sure where to start — read up on Savings 101, and find out how research supports the benefits of saving.

More from LearnVest...

Recommended

The Check-In: New rules for visiting the UK, securing your house while on vacation, and more
A front door.
Feature

The Check-In: New rules for visiting the UK, securing your house while on vacation, and more

The Week contest: Anti-aging quest
Supplements.
Feature

The Week contest: Anti-aging quest

Did Dry January accomplish anything?
Drinking glasses.
Picture of Harold MaassHarold Maass

Did Dry January accomplish anything?

6 amazing homes with domes
House
Feature

6 amazing homes with domes

Most Popular

Republicans oust Ilhan Omar from House committee
Rep. Ilhan Omar (D-Minn)
Punitive politics?

Republicans oust Ilhan Omar from House committee

Japanese restaurants fight back against viral 'sushi terrorism' trend
Photo of Kura Sushi, a Japanese conveyor belt sushi restaurant chain
save the sushi

Japanese restaurants fight back against viral 'sushi terrorism' trend

China says it successfully cloned 3 'super cows'
5 cows lined up at feeding trough.
carbon copy

China says it successfully cloned 3 'super cows'