At least P110,000 of earnings each month is needed for the Filipinos to be happy.
Money can, in fact, buy happiness. It wasn’t always like this… However, the relationship between money and happiness has shifted dramatically in recent years. And now we know how much the average Filipino requires to be completely satisfied.
Expensivity, a consumer website, conducted research in March 2021 that revealed the cost of happiness in each country. The site calculated the statistics for different nations across the world using data from a Purdue University examination of data from the United States.
The report estimated the price using World Bank purchasing power ratios and local cost of living. While the Philippines is not among the top ten countries in terms of happiness pricing, we are on the lower end when compared to the rest of the world.
So, how does the Philippines fit in? We are on the low end of the global scale, with a salary of $28,264 (approximately P1.3 million). That equates to at least P110,000 in monthly earnings.
According to the survey, the greatest price of happiness was found in Bermuda, Australia, and Israel, at $143,933, $135,321, and $130,457, respectively. No, this does not imply that certain countries are just greedier than the rest of the globe. The cost of living in each country makes a significant contribution to the total.
Other countries where happiness comes at the highest cost include Australia at $135,321, Israel at $130,457, Switzerland at $128,969, New Zealand at $128, 844, Norway at $114,147, Denmark at $109, 142, Japan at $107,587, Iceland at $ 107,351, and U.S.A. at $105,000.
Suriname, Argentina, and Angola, on the other hand, have the lowest prices for happiness at $6,799, $8,788, and $8,921, respectively. Surprisingly, the cost of happiness varied more throughout Asia and Oceania than in any other part of the world.
According to the study’s authors, while money isn’t everything, it does give the cushion you need to “build a master plan for being happy.”
“While money isn’t everything, if your environment is right, then having enough of it gives you the cushion you need to build a masterplan for being happy into your routine. Take positive action to get control of your debt, work with you community to make life livable in less than ideal conditions, and don’t believe the smiles on the faces of billionaires – their happiness leveled off a long time ago,” the website concluded.