Living in the Shadow of the Past: Financial Profiles and Well-Being

Andrew Clark, Conchita D’ambrosio and Rong Zhu
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Conchita D’ambrosio: uni.lu - Université du Luxembourg = University of Luxembourg = Universität Luxemburg
Authors registered in the RePEc Author Service: Conchita D'Ambrosio

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Abstract: We here consider the link between individual financial profiles over time and well-being, as measured by life satisfaction. We in particular look at annual self-reported financial worsening and improvement information for over 25,000 individuals in Australian panel data from 2002 to 2017. We first find that satisfaction falls (rises) with a contemporaneous major financial worsening (improvement), with worsening having the larger influence. Second, the experience of these financial events in the past continues to be linked to current well-being. Last, only the order of financial-improvement spells relates to well-being: a given number of past years where finances deteriorated has the same association with current well-being whether the deterioration occurred in one continuous spell or was interrupted. We last show that these associations are heterogeneous over the distribution of well-being.

Keywords: Financial improvement; financial worsening; time profiles; well- being; HILDA (search for similar items in EconPapers)
Date: 2020-03
New Economics Papers: this item is included in nep-hap
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-02497067v1
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Citations: View citations in EconPapers (2)

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Related works:
Journal Article: Living in the Shadow of the Past: Financial Profiles and Well‐Being (2021)
Working Paper: Living in the Shadow of the Past: Financial Profiles and Well‐Being (2021)
Working Paper: Living in the Shadow of the Past: Financial Profiles and Well‐Being (2021)
Working Paper: Living in the Shadow of the Past: Financial Profiles and Well-Being (2020)
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