'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

Abstract

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

Brzozowski, Matthew and Spotton Visano, Brenda, 'Havin' Money's Not Everything, Not Havin' It Is': The Importance of Financial Satisfaction for Life Satisfaction in Financially Stressed Households (October 31, 2017). Available at SSRN: https://ssrn.com/abstract=3087227 or http://dx.doi.org/10.2139/ssrn.3087227

Matthew Brzozowski

York University ( email )

4700 Keele St.
Toronto, Ontario M3J 1P3
Canada

Brenda Spotton Visano (Contact Author)

York University ( email )

4700 Keele Street
Toronto, Ontario M3J 1P3
Canada

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