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

25 Pages Posted: 21 Feb 2012

See all articles by Leonardo Becchetti

Leonardo Becchetti

University of Rome Tor Vergata - Faculty of Economics

Fabio Pisani

University of Rome Tor Vergata

Date Written: February 21, 2012

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

JEL Classification: I31, E01

Suggested Citation

Becchetti, Leonardo and Pisani, Fabio, Family Money, Relational Life and (Class) Relative Wealth: An Empirical Analysis on Life Satisfaction of Secondary School Students (February 21, 2012). CEIS Working Paper No. 223, Available at SSRN: https://ssrn.com/abstract=2008656 or http://dx.doi.org/10.2139/ssrn.2008656

Leonardo Becchetti (Contact Author)

University of Rome Tor Vergata - Faculty of Economics ( email )

Via Columbia, 2
I-00133 Rome
Italy

Fabio Pisani

University of Rome Tor Vergata ( email )

Via di Tor Vergata
Rome, Lazio 00133
Italy

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