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Correlates of financial satisfaction.

C M Hsieh1

  • 1Jane Addams College of Social Work, University of Illinois at Chicago, 60607-7134, USA.

International Journal of Aging & Human Development
|May 16, 2001
PubMed
Summary

Major factors influencing overall happiness also impact financial satisfaction for older adults. Income shows a nonlinear effect, and proper measurement is key for accurate well-being research.

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Area of Science:

  • Social Psychology
  • Economics
  • Statistics

Background:

  • Subjective well-being is a key area of research.
  • Financial satisfaction is a crucial component of overall well-being.
  • Previous research has overlooked measurement levels in subjective well-being studies.

Purpose of the Study:

  • To examine how correlates of global subjective well-being affect financial satisfaction.
  • To demonstrate the impact of violating regression assumptions using empirical data.
  • To highlight the importance of measurement levels in statistical analyses.

Main Methods:

  • Analysis of data from the General Social Surveys (1972-1996).
  • Application of regression analyses to assess correlates of well-being.
  • Comparison of results from different analytical methods to evaluate assumption violations.

Main Results:

  • Correlates of global subjective well-being largely mirror those of financial satisfaction in older adults (45+).
  • A nonlinear relationship was confirmed between income and financial satisfaction.
  • Discrepancies in results based on measurement levels underscore analytical challenges.

Conclusions:

  • Factors influencing global subjective well-being significantly impact financial satisfaction.
  • Researchers must carefully consider variable measurement levels to avoid analytical errors.
  • The nonlinear effect of income on financial satisfaction warrants further investigation.

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