The Price of Happiness: Americans Feel Guilty After Spending on Things That Bring Them Joy, Survey Finds

A new survey conducted by Ally Bank reveals that nearly three-quarters of Americans feel guilty when spending money on things that bring them joy. This "Joy Index," which gauges people's ability to afford, prioritize, and maintain happiness amidst financial stress, has an average score of 54.2 out of 100 for American adults. The survey, based on responses from over 5,000 adult Americans, also found that financial pressures are making it harder to enjoy non-essential purchases.

The survey also revealed that guilt is more prevalent among younger generations, with 77% of Gen Z and 76% of millennials reporting at least some guilt over joy-related purchases. Despite this, higher incomes were associated with stronger overall Joy Index scores.

However, guilt was least common among baby boomers, with only 63% feeling some amount of guilt. Baby boomers also had the highest Joy Index score of 57.1, and were the happiest generation, spending an average of $298 per month on joy. Gen Z, while scoring 55.2, reported the most budgeting for joy, spending an average of $295 per month on such activities.

When faced with financial constraints, 47% of respondents said they seek lower-cost or free ways to experience joy, while 42% save up before making such purchases. Some even cut back on necessities or take on debt or credit. However, for many, luxury today seems to be less about extravagance and more about having breathing room, with 56% considering vacations a luxury, followed by half who consider having money left after paying bills as a luxury.