Family Money, Relational Life and (Class) Relative Wealth: an Empirical Analysis on Life Satisfaction of Secondary School Students

Leonardo Becchetti and Fabio Pisani

No 223, CEIS Research Paper from Tor Vergata University, CEIS

Abstract: We investigate factors affecting happiness on a sample of Italian secondary school students. We find that money matters since family’s house ownership, mortgages and (class) relative wealth significantly affect life satisfaction. Other crucial factors are geographical residence (those living in Milan are significantly less happy), mother’s occupation, trust on family and friendships. Even though we cannot rule out inverse causality and other forms of endogeneity, the characteristics of many of the significant regressors such as family wealth, parental job and geographical residence (not under the decisional power of the student) suggest a direct causality nexus for these factors.

Keywords: life satisfaction; secondary school; wealth (search for similar items in EconPapers)
JEL-codes: E01 I31 (search for similar items in EconPapers)
Pages: 25 pages
Date: 2012-02-21, Revised 2012-02-21
New Economics Papers: this item is included in nep-hap and nep-soc
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Working Paper: Family money, relational life and (class) relative wealth:an empirical analysis on life satisfaction of secondary school students (2012)
Working Paper: Family money, relational life and (class) relative wealth: an empirical analysis on life satisfaction of secondary school students (2012)
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