They say that money can’t buy happiness, but saving it might.
According to a new survey of 1,025 American adults by Ally Bank, saving money can have a significant positive impact on your well-being. Among those with a savings account, 38% report feeling extremely or very happy, compared to 29% of those without a savings account.
And it seems that the more money you save the happier you are. Of those who say they are extremely or very happy, 57% have $100,000 or more in savings, 42% have $20,000 to $100,000 in savings, and 34% have less than $20,000 in savings.
In fact, most people surveyed (84%) say having money saved up boosts their sense of well-being more than eating healthy foods, having an enjoyable job, or getting regular exercise. Perhaps surprisingly, saving money also seems to affect happiness more than earning a big paycheck, since the impact of household income on happiness plateaus at about $50,000.
Savers say socking money away makes them feel better because it helps them face the unknown, gives them peace of mind, makes them feel proud, and gives them independence.
The only thing that seems to top savings as a feel-good habit, according to the survey, is having good relationships with friends and family.