watch nowYoung adults put the price of happiness even higherWhen broken down by generation, millennials put the number much higher — more than $500,000 — according to the report. Millennials and Gen Z were also more likely to say money can buy happiness. In addition to soaring food and housing costs, millennials and Gen Z face other financial challenges their parents did not as young adults. Not only are their wages lower than their parents' earnings when they were in their 20s and 30s, but today's young adults are also carrying larger student loan balances. More than half said they would need more than $3 million, and one-third said it would take more than $5 million, according to a report by Edelman Financial Engines.

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Persons: millennials, Millennials, Gen, Gen Zers, —, Jason Friday, It's Organizations: Bank of America, Edelman Financial, Wealth Management