Building Financial Satisfaction

Esperanza Vera-Toscano, Victoria Ateca-Amestoy and Rafael Serrano-del-Rosal

IESA Working Papers Series from Institute for Social Syudies of Andalusia - Higher Council for Scientific Research

Abstract: This paper aims to contribute further research on the conceptualization of individual financial satisfaction as a particular domain of satisfaction with life as a whole. Based on the 2003 Survey on Living Conditions and Poverty for Andalucía (Spain) and using a self-reported measure of welfare, ordered probit models are used to analyze the extent to which individual financial satisfaction can be solely explained by income in absolute terms, or alternatively, by taking into account the importance of relative income in its two dimensions: (1) personal aspirations as individual's adaptation to previous and future income levels (intra-individual comparisons), and (2) social comparisons as individual's concern for her peer's income (inter-personal dependency).

Keywords: Financial satisfaction; income valuation; comparison income; reference group; internal norm; external norm. (search for similar items in EconPapers)
Pages: 30 pages
Date: 2004
New Economics Papers: this item is included in nep-cbe and nep-dcm
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Related works:
Journal Article: Building Financial Satisfaction (2006)
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Persistent link: https://EconPapers.repec.org/RePEc:esa:iesawp:0412

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