The Effects of Wealth and Income on Subjective Well-Being and Ill-Being

Mark Wooden and Bruce Headey ()
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Bruce Headey: Melbourne Institute of Applied Economic and Social Research, The University of Melbourne

Melbourne Institute Working Paper Series from Melbourne Institute of Applied Economic and Social Research, The University of Melbourne

Abstract: The accepted view among psychologists and, increasingly, economists is that household income has statistically significant but only small effects on measures of subjective well-being. Income, however, is clearly an imperfect measure of the economic circumstances of households. Using data drawn from the 2002 wave of the Household, Income and Labour Dynamics in Australia (HILDA) Survey, this paper demonstrates that wealth, which can be viewed as providing a degree of economic security, is at least as important to well-being and ill-being as income.

Pages: 25 pages
Date: 2004-03
New Economics Papers: this item is included in nep-geo
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Citations: View citations in EconPapers (118)

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http://melbourneinstitute.unimelb.edu.au/downloads ... series/wp2004n03.pdf (application/pdf)

Related works:
Journal Article: The Effects of Wealth and Income on Subjective Well‐Being and Ill‐Being (2004)
Working Paper: The Effects of Wealth and Income on Subjective Well-Being and Ill-Being (2004)
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Persistent link: https://EconPapers.repec.org/RePEc:iae:iaewps:wp2004n03

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