Americans On Average Say They Need $74,000 A Year To Be Happy, And They’re Picking Up Side Hustles To Earn It

For many Americans, financial satisfaction hinges on a single number: $74,000, the average salary people say theyd need to earn in order to feel happy.

In a new survey of 2,000 U.S. adults conducted by Talker Research on behalf of SurePayroll by Paychex, $74,000 emerged as the ideal income on average, though nearly one in five respondents (19%) said they would need to make at least six figures to enjoy their lifestyle. Half of all respondents reported that their current income is insufficient to support the way they live, and a full 24% of employed Americans said they are unhappy with how much they earn.

When asked how they would spend additional income, 46% said they would prioritize saving or investing it, while 42% would use the money to pay off bills. Another 35% said theyd put it toward groceries, and 23% would use it for travel.

In pursuit of higher earnings, 26% of respondents have searched for a new job in the past three months, and more than a third (35%) are still actively looking. Of those who have navigated the job market in the past year, 39% said its more difficult now than it used to be.

More than two-thirds of Americans (69%) are currently looking for ways to supplement their income, and nearly a third of non-business owners (32%) said the current economy has made them more interested in launching a side hustle. Just over half of all respondents (52%) believe that starting a small business or side hustle is as viable — or even more so — than pursuing a traditional full-time job.

The survey revealed that 47% of Americans think theres money to be made from their passions, and 59% of non-business owners said they wish they could start a business based on something they love. Some said theyd like to earn money through activities like “quilting,” “doing voice-overs,” or “help[ing] people release their emotional baggage.”

Among those considering a side hustle, nearly half (47%) said theyd be equally or primarily motivated by their passion for the work. And of those who already have a side hustle (29%), 40% said their business is just as driven by passion as it is by money. Notably, 57% of respondents who described themselves as having a passion said they would love it if getting paid for that passion could become their only source of income.

But the desire for higher pay isnt the only reason Americans are considering career changes. Among jobseekers, 28% said they are looking for better benefits, while 20% want more work-life balance and another 20% are seeking greater flexibility.

Some are also drawn to the appeal of working for a small business. While only 24% said they believe its more beneficial overall, many believe small businesses offer stronger personal and professional connections. Forty percent said small businesses are more gratifying to work for (compared to 12% who disagreed), 59% believe they have better relationships with customers (vs. 7%), and 58% said they have better relationships with employees (vs. 9%).

“The data shows that more Americans are hoping to turn their passions into paychecks,” said Glenn Ferretti, director of digital sales at SurePayroll. “Whether its a side hustle or a full leap into launching a small business, its clear people want more control, more meaning and more freedom in how they work. This highlights the need for affordable solutions that can help Americans turn their small business dreams into reality.”