12k price tag for happiness

The average Brit needs to earn around £12,000 a year extra to reach financial contentment, a new study has revealed.

The Contentment Gap report by savings and pensions firm Prudential also found that more than a third of the population felt that not needing to worry about bills would make them financially content, although other respondents had higher standards.

The report also showed that a north/south divide exists, with many Londoners having far higher expectations of what it is to be financially content than those from Scotland and the north of England.

Roger Ramsden, the director for PruLab and marketing at Prudential, commented: "Everyone has a certain amount of money each month to spend, and I’m positive almost everyone - bar the lucky few - wants more.

He added: "Being able to live without worrying about bills and being able to buy things without worrying how they will pay for it, were the things most people cited as key to financial contentment. Both these things are achievable by careful financial planning."

Nearly half the population agree with Mr Ramsden, and see putting money aside instead of wasting it on frivolities as the best way of being financially comfortable, while 21 per cent said they would consider taking up a second job.

However, 18 per cent said they would turn to gambling, while a small percentage admitted they would turn to deceit and crime to earn a bit more cash.