Do you sometimes think that making more money would solve all of your problems? Well, think again. Earning a $150,000 annual salary, for example, could raise your stress levels.
Earning a high income isn’t always as great as it sounds. There are benefits, of course, but there are drawbacks, too. A global survey of 23,000 employees conducted by the recruiting company Robert Half found that earning a salary of $150,000 or more comes with a cost. Surprisingly, earning more money might also mean living with more stress, not less.
That’s bad news for you — and for your employer.
“Stressed out employees not only negatively affect company performance, but can also impact overall team morale,” says Andrew Morris, Director of Robert Half Australia, speaking with Business Insider.
Here’s what you need to know:
1. The downside of higher income
According to this research, workers who earn $150,000 or more annually can expect more sleepless nights than many others. Workers who earn an annual income of $50,000 – $74,000 were found to be less stressed than these high-income earners.
The trouble is that more stress doesn’t help workers to be productive. In fact, quite the opposite is true. Chronic stress has a negative impact on your body and your behavior. So, workers who find themselves earning a high income might also find they have to navigate stress that drags on their productivity and efficiency at work, creating even more stress in turn.
2. It’s best to have balance
The old saying goes that money doesn’t buy happiness. And, apparently that’s true, at least in many cases. Research has found that more money doesn’t equate with more life satisfaction, after a certain point. An analysis of more than 1.7 million people from 164 countries found that earning between $60,000 and $75,000 is most conducive for happiness.
This finding supports earlier research that found that happiness levels generally don’t increase after the $75,000 mark. The Purdue University researchers who conducted this study also found that life satisfaction and emotional well-being decline after about the $95,000 mark.
It turns out that it might be best to earn enough money to afford a secure and comfortable lifestyle without taking on the additional burdens and stresses that come with earning more.
3. Other factors boost happiness
If happiness is your aim, earning more money can help, but only to a point. There are other factors you should keep in mind.
For example, workers tend to feel less stressed when they don’t have unreasonable amounts of work on their plates. Forty-six percent of workers report that their workload is the main cause of their stress.
Also, autonomy matters a great deal when it comes to job satisfaction. Workers want to feel free to do their jobs without being micromanaged at every turn.
Paying attention to factors that increase life satisfaction, other than money, could help you find great contentment in your professional life. And, happiness at work fuels performance and creativity which could help lead you to a promotion. Just be sure to weigh the costs and benefits of accepting it.
Tell Us What You Think
Do you think earning a higher income could increase your stress level? We want to hear from you! Leave a comment or join the discussion on Twitter.