Money buys happiness only for those who earn below USD 150k
Individuals who earn between 75,000-99,999 dollars are more satisfied as compared to those who earn over 150,000 dollars, researchers say.
Research from psychometric testing company Onetest found that people who earn between 100,000 and 124,999 dollars a year are the happiest, with 86 percent of those earners saying they are satisfied with life.
However, the satisfaction rate starts to drop for those who earn more than 125,000 dollars, and again for those who earn more than 150,000 dollars.
It's actually better to earn between 75,000 and 99,999 dollars than it is to earn more than 150,000 dollars, with 82 percent of the lesser earners "satisfied" as compared with just 80 percent of those on the higher income.
According to Onetest head of psychology Cherie Curtis, this data showed that salary and finances influence people's satisfaction but only up to a point.
"Once you have finances in order, you can provide for family, pay your bills and you're earning in line with your peers, motivation through money starts to have a plateau effect," News.com.au quoted Curtis as saying.
"There could also be correlation between higher salary and seniority, and there could be a correlation between seniority and stress," she said.
The study surveyed almost 3000 Australians across a range of industries who had undergone cognitive ability testing as part of a graduate recruitment program between 2002 and 2011.
The research measured satisfaction levels by industry and found mining, oil and gas workers are happiest, followed by defence workers, insurance workers and those working with the environment.
The least satisfied workers are in the sales and marketing industry, followed by hospitality, sports and tourism workers and arts and humanities employees.