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Income, age and financial satisfaction.
1Jane Addams College of Social Work, University of Illinois at Chicago, 60607-7134, USA. chsieh@uic.edu
International Journal of Aging & Human Development
|October 10, 2003
Summary
Income and age significantly impact financial satisfaction. Social-psychological factors, not just status, explain how age affects income
Area of Science:
- Social Psychology
- Economics
Background:
- Subjective well-being research extensively covers income and age effects.
- Limited research exists on how income and age specifically influence financial satisfaction.
Purpose of the Study:
- To empirically investigate the effects of income and age on financial satisfaction.
- To explore the underlying social-psychological mechanisms driving age-related differences in income's impact on financial satisfaction.
Main Methods:
- Analysis of data from the General Social Surveys.
- Empirical examination of income and age variables in relation to financial satisfaction.
Main Results:
- Findings suggest age differences in income's effect on financial satisfaction are complex.
- Results challenge a simple status attainment versus status maintenance framework.
Conclusions:
- The relationship between income, age, and financial satisfaction is nuanced.
- Future research should carefully consider income measures and age groupings.
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