The true "cost of happiness" is today confirmed at £2,658,144 by research carried out for Yahoo! Personal Finance among 2500 people of working age (yahoo.co.uk/personalfinance).

Participants were asked to choose components for happiness from a comprehensive range of lifestyle criteria , the results proving that membership of the 'millionaire's club' is no longer enough.

Gender variations
Women were proven to be more demanding in their expectations of wealth and happiness, with an average cost of happiness at £2,712,199 compared to men at £2,616,597. However, the study showed that it will take the average Brit 94 years to reach this level of wealth and happiness.

Financial profiles identified
Four financial profiles were identified, revealing over half of the UK population to be aspirational high-living PLAYBOYs and PLAYGIRLs (Party Lifestyle All Year-round). Positively though, a significant percentage do have the happiness/money balance spot on, with 39% identified as HAPpy CHaps (Have Accumulated Plenty - Cash and Happiness) who maintain a lifestyle they love by maximising their personal finances.

· PLAYBOYs and PLAYGIRLS (Party Lifestyle All Year-round): 45%*
· HAPpy CHaps (Have Accumulated Plenty Cash and Happiness): 39%*
· FLASHERs (Funds Low Always Spending Heaps): 15%*
· MISER (Make Savings Earn Returns): 1%*

* Great Britain population breakdown as indicated by the research

Carole Spiers, occupational stress consultant and academic author comments, "Lack of control is widely recognised as one of the greatest contributors to the stress of modern living, meaning that anything that increases control - and particularly financial control - will help to make our lives less stressful. Financial security is one of the key contributory factors to happiness, and while money alone may not buy you happiness, a lack of it can mean a more stressful, less fulfilled and ultimately less happy life.

"Being smarter with money, as is the case with the HAPPY financial profile identified in this research, takes away much of the stress of money worries, and gives people more choices through which to achieve personal happiness"

OLDER CONSUMERS WANT MORE

Financial profiles by age group
Surprisingly, aspirations to 'spend it like Beckham' get bigger with age, in fact it costs £400,000 more to make a 50 year old happy than a 25 year old!

Average cost to achieve total happiness by age group:
· Under 24 £2,552,482
· 24-35 £2,560,917
· 35-44 £2,852,767
· 44-55 £2,901,831
· 55+ £2,764,733

Financial profile by region
The Welsh prove to be the UK's FLASHiest with their cash, topping the UK league at 18% of the population compared to a national average of 14%. Londoners are the nation's biggest PLAYBOYs and PLAYGIRLs, with over half aspiring to the high living, party lifestyle (55%) compared to a national average of 44%.

Alastair Bruce, Yahoo! Personal Finance Editor comments "The most likely group to achieve the positive balance between money and happiness is the HAPPYs, due to their lifestyle, spending habits and responsible attitude to personal finances.

"Others can take a leaf out of their books. Everyone has the potential to make the most of the money they do have and work towards accumulating the price of happiness - every little helps!"