“Havin’ Money’s Not Everything, Not Havin’ It Is”: The Importance of Financial Satisfaction for Life Satisfaction in Financially Stressed Households

Matthew Brzozowski () and Brenda Spotton Visano
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Matthew Brzozowski: York University

Journal of Happiness Studies, 2020, vol. 21, issue 2, No 9, 573-591

Abstract: Abstract This paper explores the importance of financial satisfaction for overall life satisfaction in households whose principal source of subjective stress is financial. Using data drawn from 2 waves (2005, 2010) of the nationally representative General Social Survey in Canada, we find that for financially stressed Canadian households, their stress-affected sense of financial well-being overwhelmingly conditions their overall sense of life satisfaction. We consider as well the potential for financial stress to moderate the relationship between income and life satisfaction but find only a modest effect and then only for high income households in 2005.

Keywords: Subjective financial stress; Financial satisfaction; Life satisfaction; General Social Survey (search for similar items in EconPapers)
JEL-codes: D12 G02 (search for similar items in EconPapers)
Date: 2020
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DOI: 10.1007/s10902-019-00091-0

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