Aussies think $830,000 is 'magic number' signifying monetary happiness, study finds

Australians thought the “magic number” signifying monetary happiness was $830,000, a new study has revealed. A number of Aussies said such amount would give them “financial freedom.”

This is according to a study by the National Australia Bank, with NAB Group Chief Economist Alan Oster saying gender, geography and relationship status unsurprisingly affect how much people think they will need. Age was also considered as a contributing factor.

Relationship status played a role, with married people saying they needed the highest amount of money, $921,000 to be happy. As for unmarried people, they needed $833,000.

Those residing in New South Wales said they needed $1 million to obtain financial freedom. They require the most to be happy.

South Australians needed $809,000, the second highest amount. Victorians required $788,000. It was the only state where the amount dropped on the previous year, down to $788,000 from $864,000. People living in Tasmania said they needed $337,000.

Men needed a higher amount to be financially free than women. Men said the amount has to be $899,000 to be financially free while women needed $759,000.

The disparity is particularly pronounced among younger people. Young men needed nearly $220,000 more than last year. Young women required $57,000 less than they did one year ago.

NAB said the “magic number” matched the wages of those surveyed. Those who earn over $100,000 annually need the most. These high income earners set an amount of $978,000.

Those getting $75,000 to $100,000, the second highest income category, followed closely. They wanted $963,000, nearly $250,000 more than the year before.

Daily Mail Australia also reported Oster as saying that when it came to spending the lump sum, very few Aussies, only 1 percent, would spend it on luxury personal items. Four percent wanted to work less or retire.

More Australians would pay off debts, use it to help family members or save it. Others wanted to take holidays and travel while some said they would invest or keep it for emergencies.

And as for what being “financially free” means, some respondents said paying off debts was the dream. Others were after complete freedom to be able to purchase what they wanted.

“Many Australians dream of a major financial windfall to change their lives, but it turns out we don’t need a mega-million dollar jackpot to feel financially free,” Oster said. NAB survey to determine what being “financially free” meant to Aussies involved 2,000 people.