Income and Mental Well-Being: Personality Traits as Moderators

Susanne M. Syrén (), Katja Kokko, Lea Pulkkinen and Jaakko Pehkonen
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Susanne M. Syrén: University of Jyväskylä
Katja Kokko: University of Jyväskylä
Lea Pulkkinen: University of Jyväskylä
Jaakko Pehkonen: University of Jyväskylä

Journal of Happiness Studies, 2020, vol. 21, issue 2, No 8, 547-571

Abstract: Abstract Using data from the participants of the Jyväskylä Longitudinal Study of Personality and Social Development (JYLS) at ages 42 and 50 (N = 326), this study provides empirical evidence of the relation between income and mental well-being and of the possible role of personality traits in modifying this relation. The relationships were analyzed using pooled ordinary least squares (OLS; bi- and multivariate settings) and fixed effects estimations (FE; multivariate settings). Positive bivariate associations were found between gross monthly income and the sum score of mental well-being and its separate dimensions (emotional, psychological, and social well-being and the absence of depression) as well as between experienced household finances and the sum score of mental well-being and its separate dimensions (except for social well-being). The multivariate OLS analyses detected positive relationships between gross monthly income and the absence of depression and between experienced household finances and mental well-being, along with one of its dimensions, i.e., emotional well-being. Further, the marginal utility of income appeared to depend on personality traits (FE): agreeableness and extraversion negatively moderated the gross monthly income–emotional well-being relationship, while openness positively moderated this relationship. In addition to emotional well-being, extraversion negatively moderated the relationship between gross monthly income and general mental well-being, and neuroticism negatively moderated the association between gross monthly income and social well-being.

Keywords: Mental well-being; Emotional well-being; Psychological well-being; Social well-being; Depression; Income; Big Five personality traits (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (4)

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DOI: 10.1007/s10902-019-00076-z

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