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Fact - money doesn't buy happiness

Research shows that financial literacy may be a more accurate contributor to wellbeing rather than income level.

The Sovereign Wellbeing Index (Wealth and Wellbeing in New Zealand) report indicates that it's not how much you earn, but rather what you do with it that counts when establishing the relationship between wealth and wellbeing.

New Zealanders living comfortably within their means on their present income were 11.8 times more likely to be in the top wellbeing group than those finding it very difficult on present income, even after adjusting for total household income.

Income still plays an important role in determining overall wellbeing; however the research is showing effective money management, whether you're earning a little or a lot, can influence high levels of wellbeing. For example, more than 40 per cent of people with a combined household income of just $30,000 still reported finding this level of income to be adequate.

The report clearly shows a connection between financial stability and overall wellbeing. Ensuring individuals and families are protected financially is essential to positive wellbeing.

To read the full report please click here.
Image courtesy of suphakit7 / Freediogitalphotos.net