'Havin' Money's Not Everything, Not Havin' It Is': The Importance of Financial Satisfaction for Life Satisfaction in Financially Stressed Households
15 Pages Posted: 16 Dec 2017
Date Written: October 31, 2017
This paper explores the importance of financial satisfaction for overall life satisfaction in households whose principal source of subjective stress is financial. Using data drawn from 2 waves (2005, 2010) of the nationally representative General Social Survey in Canada, we find that for financially stressed Canadian households, their stress-affected sense of financial well-being overwhelmingly conditions their overall sense of life satisfaction. We consider as well the potential for financial stress to moderate the relationship between income and life satisfaction but find only a modest effect and then only for high income households in 2005.
Keywords: Subjective Financial Stress, Financial Satisfaction, Life Satisfaction, General Social Survey
JEL Classification: D12, G02
Suggested Citation: Suggested Citation