According to a study by financial planner Empower, 59 percent of Americans believe that money can buy happiness, with an estimated cost of $1.2 million. Two-thirds of respondents equate financial happiness with on-time bill payments and being debt-free, while only 17 percent said that net worth is the definition of financial happiness.

The survey conducted by Empower found that the first word that comes to people’s minds when asked about financial happiness is “freedom,” followed by “security” and “relief.” The average salary Americans said would make them happy was $284,167 per year. There was a significant generational divide in the salary expectations, with Millennials listing the highest salary at $525,000, while Generation Z said $128,000.

More than 7 in 10 respondents stated that having more money would solve most of their problems. Nearly a third (32%) said gaining $15,000 would have a meaningful impact on their lives, while 42% said a $25,000 gain would make a big difference. The vast majority of Americans (73%) reported feeling financial stress amid high inflation and interest rates. A growing share of American workers believe they may have to delay their retirement if it ever happens at all.