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Most people when asked about wealth will speak about their wage, the sum of their assets and their current bank balance. In fact some people may even value their own worth below zero due to outstanding debts. But how many people would actually include health and happiness as part of the equation? In the following health, wealth & happiness report we take a look at how various parts of the United Kingdom differentiate in their views towards their own personal value.
The North / South Divide
The North of England has similar average annual incomes to Northern Ireland, Scotland and Wales. In fact there is only £700 separating the lowest average income (Scotland) and the highest (Northern Ireland). When you take a look at the South, however, the average income is £21,500, a staggering £3,600 a year more than Northern Ireland.
This also equates across to the average value of personal time. There is only £200 separating the average value of personal time across all parts of the UK except the South who value their personal time at £1,900 more.
So in terms of perceived value of personal time, annual income and total worth the North / South divide is still prominent and could even be considered a South / Rest of UK divide. The surprising result in terms of overall value was how the Welsh value their overall worth at £1,500 more than the next highest location. Considering they have the lowest value of personal time and the second lowest annual wage, we have to consider the effects health and happiness are playing.
Health & Happiness
The biggest three negative effects on happiness interlink with health:
- Your Health
- The Health Of Family / Friends
- Sudden Deaths
Three of the top five positive effects on happiness interlink with time:
- Spending Time With Family / Friends
- Having Time To Yourself
- Having A Good Work / Life Balance
Nowhere within the top five negative or positive impacts on happiness was money mentioned. People tended to place a stronger value on personal relationships than financial worth which led us to question whether; can money buy you happiness? It’s obvious by the responses that people place far more emphasis on health and well-being (physical and mental), than they do towards their wage or assets, when discussing happiness.
A variation on the question, that maybe worth the asking in the future, is whether a lack of money can make you unhappy? It’s very rare to find someone who says “I have too much money”, but it’s far more common to hear people discussing the problems associated with not having enough money.
The Value Of Money
When LifeSearch, conducted this report they wanted to find out how much the average Britain values themselves at. That total was £51,134. With total financial worth ranging from £22,000 to £29,600 and physical assets ranging from £22,000 to £24,300 (excluding London) it’s safe to say that Brits are valuing health and happiness as a significant part of their overall worth. In fact a number of Brits even stated that they’d be willing to sacrifice pay for extra free time.
While you can never place a direct value on happiness and health, it’s important to remember that life is there to be enjoyed and lived to the full. Great financial wealth can contribute to a higher value in terms of numerical worth, but overall satisfaction will be determined by a far greater number of factors. Spend wisely, save well, see friends and look after yourself and those around you, and you’ll go a long way to living a full and worthy life.
***Disclosure: This is a collaboration with LifeSearch. Please refer to our Disclosure Statement for further information. ***