Let’s face it, we’ve all fantasised about what life would be like if we won the lotto or inherited a small fortune from a distant relative.
But while money certainly makes life easier does it really make you happier?
Well, apparently not, according to a new study carried out by the Oxford Economics and the National Centre for Social Research.
Researchers surveyed 8,250 British people questions about 60 different aspects of their lives.
While drawing up a wellness index from the result, they found that sleep was the strongest indicator of a happy life.
Those who were well rested scored 15 points higher on the wellness index than those who were unhappy with their quality of sleep.
Other factors that contributed to happiness including feeling secure in one’s job, being connected to the community around them and feeling satisfied with one’s sex life.
Those who were unhappy with their sex lives scored on average seven points lower than those who had a fulfilling sex life.
The health of our close relatives is an important factor, as having an ill relative could cause a person’s well-being score to drop by 1.75 points.
Speaking about these results, Ian Mulheirn, Director of Consulting at Oxford Economics, said: “In a world that’s never been more connected, the richness of our relationships and support networks remains among the biggest determinants of how well we live – and represents an area of our lives in which we can act".
The average British person had a “living well” score of 62, with those most satisfied with their lives scoring between 72 and 92.
What was really interesting was that researchers discovered income levels have very little bearing on how well people feel.
A 50 percent increase in income would only lift an individual’s well-being score by just 0.5.
Other material factors such as owning your own house versus renting had little impact on how happy people were.
And social media addicts may be interested to know that how many followers you accrue on social media didn’t make a difference either.
The researchers noted that older people tended to be happier than younger people and the happiest demographic were parents of young children, followed baby boomers who were still in employment.
Researchers will carry out follow-up surveys in another six months to trace adjustments in participants’ lifestyles.
What do you think mums? Would you be happier with more sleep or more money? Let us know.
