Consumer Financial Capability and Financial Satisfaction

The purpose of this study was to examine associations between consumer financial capability and financial satisfaction. Consumer financial capability was measured by three sets of variables, perceived financial capability, financial literacy, and financial behavior. Using data from the 2009 US State-by-State Survey of Financial Capability, the results indicated the positive association between perceived financial capability and financial satisfaction. The findings suggested that desirable financial behavior increases while risky financial behavior decreases financial satisfaction. Subjective financial literacy was also found to contribute positively to financial satisfaction. The positive association between objective financial literacy and financial satisfaction was found in bivariate analyses but not in multivariate analyses. The results imply that to enhance consumer financial well-being, consumer financial education programs should emphasize action taking and encourage consumers to avoid risky financial behavior, engage in desirable financial behavior, and improve financial self-efficacy.     

Victimization and Life Satisfaction: Evidence from a High Crime Country

This study quantifies the relationship between crime and life satisfaction for Jamaica, a country that records the highest rates for violent crimes relative to the rest of the world and has one of the highest regional crime expenditure. We utilize individual-level survey data from 2006–2014 that capture victimization and other characteristics related to life satisfaction. Controlling for potential confounders reveals that crime is significantly and negatively related to life satisfaction. More importantly, we find that for this high-crime country, the cost to life satisfaction of being a crime victim amounts to roughly 65% of annual household expenditure. We also find heterogeneous effects for reported assault and robbery even though only the monetary losses incurred from assault are economically significant.

     

Financial Sector Development Indicators and Economic Growth in Cameroon and South Africa

This study seeks to identify, compare and appreciate salient differences in the financial sector development and economic growth experiences of Cameroon and South Africa. A comparative study is often conducted in the early stages of development of a branch of science in order to help research to progress from the initial level of exploratory case studies to a more advanced level of general model invariance, such as causality. Furthermore, a comparative study can also help in understanding the root cause of the development and/or weakness of one system (economy). A comparison between the financial sectors of Cameroon and South Africa will help to identify whether or not the level and structure of a financial sector can explain differences in terms of the effects of the latter on economic growth. The paper first compares the economic growth experiences of Cameroon and South Africa and examines the development of their financial sector. This is to assist in understanding their economic situations, in order to acknowledge the experiences of the two countries, which may explain the nature of the development of their financial sectors. The paper then analyzes the further development of their financial sectors using various indicators of financial deepening. This is to evaluate how all the policies implemented in order to restore the economic situation in these countries have impacted on their financial sector, either in terms of the number of players (financial widening), or in terms of their efficiency (financial deepening). Implications and conclusion are then included. It has been suggested that in Cameroon, during the pre-reform period, the country as well as the financial sector, excelled the most, partly due to the discovery of oil in 1978. However, the mid 1980s economic shock experiences of Cameroon significantly affected the financial sector. Subsequent financial sector development policies of Cameroon have failed to improve the economic situation. In the post-reform period, the banking sector was unable to efficiently collect savings and allocate these to the economy, possibly because of the loss of confidence in the banking sector although few efforts were made to attract savings from the economy. Furthermore, real interest rate, which reflects the real cost of funds to the borrower and the real yield to the lender, was almost negative throughout the period under review, and did not attract savings, even when it was positive. For South Africa, throughout the period under review, there has been a trend of an increase in almost all the indicators of the financial sector development selected. Savings have been better mobilised and effectively allocated to the economy and the financial sector has done well since the liberalisation of the sector.     

Income and Financial Satisfaction among Older Adults in the United States

Using data from the General Social Surveys,this study compares the effects of differentincome variables on financial satisfactionamong people age 65 and above in the UnitedStates. Results suggest that simply usinghousehold income as a variable without anyadjustment does not capture the real effect ofincome on financial satisfaction. Incomeequivalence scales and per-capita income arebetter income predictors of financialsatisfaction than family income. Given thefact that it is not uncommon in financialsatisfaction as well as subjective well-beingresearch to use the family income variablewithout adjustment, findings regarding theeffect of income from those studies should beinterpreted with caution.     

City Life: Rankings (Livability) Versus Perceptions (Satisfaction)

I investigate the relationship between the popular Mercer city ranking (livability) and survey data (satisfactions). Livability aims to capture objective quality of life such as infrastructure. Survey items capture subjective quality of life such as satisfaction with city. The relationship between objective measures of quality of life and subjective measures is weak (correlation of about 0.4). Trust is highly correlated with both, objective livability (0.8) and subjective satisfaction with city (0.65). I postulate to pay more attention to subjective indicators of quality of life. After all, what matters is what we perceive, not what is out there.     

Money Buys Financial Security and Psychological Need Satisfaction: Testing Need Theory in Affluence

The most prominent theory to explain the curvilinear relationship between income and subjective well-being (SWB) is need theory, which proposes that increased income and wealth can lead to increased well-being in poverty because money is used to satisfy basic physiological needs. The present study tests the tenets of need theory by proposing that money can buy happiness beyond poverty if the money satisfies higher-order needs. Findings indicate that in older adults (n = 1,284), as economic standing rises, so do individual perceptions of financial security (a safety need), which in turn increases overall life satisfaction. Further, a path model tested the degree to which financial security and psychological need satisfaction mediated the path from economic standing to life satisfaction and demonstrated the complete mediation through higher-order needs—there was a 66% reduction in the direct link through financial security and a 34% reduction through psychological need satisfaction. Discussion focuses on how these mediation and path models extend need theory.     

三峡移民迁移满意度的转变及其根源

三峡移民在搬迁到新迁入地后,对迁移的总体评价态度有一个从较高的满意度向较低的满意度过渡的转变。本文采用“同期群”研究方法,通过对三峡移民评价态度影响因素的回归分析,说明了三峡移民在安置地的适应过程大致可以分为三个阶段,即角色标签阶段、角色学习阶段、角色同化与比较阶段。而角色同化和比较阶段中,三峡移民的横向比较引起的相对剥夺感是三峡移民满意度变低的主要原因。     

Acting for Happiness: Financial Behavior and Life Satisfaction of College Students

Recent research on well-being suggests that domain-specific behaviors contribute to domain-specific satisfactions, which in turn contribute to an individual’s overall satisfaction with life. Our study is an attempt to add to the literature by observing these phenomena from a financial perspective. Using data collected from a sample of undergraduate students at a major state university in the U.S. and employing structural equation modeling, we have found evidence suggesting that positive financial behaviors contribute to financial satisfaction and financial satisfaction in turn contributes to life satisfaction. In addition, positive financial behaviors contribute to life satisfaction through two more mediating variables: academic performance and academic satisfaction.     

Asset Impacts on Life Satisfaction in an Asset-Rich Country: Focusing on Older Adults in Singapore

Using a representative sample, this study examined the extent to which assets matter for life satisfaction among older adults in Singapore. Singapore is a particularly useful context to explore the relationship between life satisfaction and assets because almost all Singaporeans own their own house, regardless of income level. First, this study used a latent profile analysis to assess patterns of life satisfaction. Then, asset impacts on this pattern of life satisfaction were examined, while controlling for contextual and health factors. The study found that financial assets matter for life satisfaction of older adults in Singapore. In particular, older adults in both the moderate life satisfaction class (LSC) and the High LSC were likely to have higher financial assets. Comparatively, other economic indicators such as real assets, total debts, and monthly household income were not significantly related to life satisfaction of older adults in the Moderate and High LSC compared to the Low LSC. However, real assets and monthly household income were significant predictors distinguishing the Moderate LSC and the High LSC. Throughout the models, total debts were not considered as a significant predictor of life satisfaction differences. This paper concludes by providing several policy and practice implications.     

Measurement and structural invariance of the US version of the Birth Satisfaction Scale-Revised (BSS-R) in a large sample

Background

The 10-item Birth Satisfaction Scale-Revised (BSS-R) is being increasingly used internationally. The use of the measure and the concept has gathered traction in the United States following the development of a US version of the tool. A limitation of previous studies of the measurement characteristics of the BSS-R is modest sample size. Unplanned pregnancy is recognised as being associated with a range of negative birth outcomes, but the relationship to birth satisfaction has received little attention, despite the importance of birth satisfaction to a range of postnatal outcomes.

Life Satisfaction in Brazil: Testing the Psychometric Properties of the Satisfaction With Life Scale (SWLS) in Five Brazilian Samples

The aim of this paper was to validate the Brazilian-Portuguese version of the Satisfaction With Life Scale (SWLS), presenting evidence of its reliability and construct and criterion-related validity. A large Brazilian sample (2,180 participants), from five different populations (undergraduate and high school students, general population, elementary school teachers, and physicians), was considered. The results confirmed the single factorial structure and reliability (0.77 < Cronbach’s α < 0.88, mean α = 0.81) of the SWLS. Supporting its criterion-related validity, the SWLS correlated positively with positive affect and negatively with both negative affect and psychological distress across all five samples. The findings indicate that the Brazilian-Portuguese version of the SWLS is a valid instrument to use with diverse Brazilian samples.     

Satisfaction and happiness in a rural northern resource community

Satisfaction and happiness with life as a whole are analyzed in terms of satisfaction with health, finances, family, job, friends, housing, area, recreation, religion, self-esteem, transportation and government services for males and females. Patterns of influential variables differ for males and females. The perceived gap between what one has and wants is a better predictor of satisfaction than the gap between what one has and thinks similar others have, and the gap between what one has and the best one has had in the past. Domain-to-satisfaction and happiness explanations are combined with gap theoretic explanations to reveal the psychological dynamics of judgments of satisfaction for males and females for the 12 domains and global well-being.     

Evaluating the Link Between Perceived Income Adequacy and Financial Satisfaction: A Resource Deficit Hypothesis Approach

Data from an economically and racially diverse sample (N = 258) was used to determine (a) if an association between objectively measured income and perceived income adequacy exists, (b) how well individuals assess the adequacy of their income, and (c) if a bias exists, can these estimates be used to describe a person’s overall level of financial satisfaction? Duesenberry’s (Income, saving, and the theory of consumer behavior. Harvard University Press, Cambridge, 1949) relative income hypothesis and Kyrk’s (The family in the American economy. University of Chicago Press, Chicago, 1953) resource deficit hypothesis were adopted for use as the conceptual framework for this study. A positive but modest association between objective and perceived income adequacy was noted. It was also found that individuals do not do a particularly good job of accurately assessing their income adequacy. Finally, perceived income adequacy estimation bias was found to be associated with financial satisfaction. Those who perceived their income to be deficient were less satisfied financially. Policy and practitioner implications from the study are discussed as a means for improving financial satisfaction at the individual and household level.     

Confirming and Expanding the Usefulness of the Extended Satisfaction With Life Scale (ESWLS)

The role of stress, particularly economic hindrance,in the prediction of global life-satisfaction wascontrasted between typically younger (n = 109)and more mature (n = 66) undergraduate students. Participants completed a Personal Projects AnalysisAppraisal Matrix including six stress dimensions, aswell as a single-item measure of globallife-satisfaction. Discriminant function analysesconducted on the students' Personal Project appraisalsrevealed that project challenge and economic hindranceaccounted for 25% of the variability inlife-satisfaction for the mature students, but none ofthe stress dimensions predicted life satisfaction forthe younger students. These results indicate that therole of stress in the prediction of life-satisfactionvaries as a function of age, with project challengeand economic hindrance playing a significant role inolder students' lives. The results are discussed inrelation to the developmental context of personalprojects as life tasks and the varying contexts foracademic pursuit between mature and typically youngerundergraduate students.     

Preliminary Validation of the Brief Multidimensional Students' Life Satisfaction Scale (BMSLSS)

Two studies investigated the psychometricproperties of the Brief MultidimensionalStudents' Life Satisfaction Scale (MSLSS: Huebner, 1994). In Study 1, 221 middle schoolstudents completed the Brief MultidimensionalStudents' Life Satisfaction Scale (BMSLSS),Multidimensional Students' Life SatisfactionScale, Students' Life Satisfaction Scale (SLSS:Huebner, 1991a), Positive and Negative AffectSchedule-Children's Version (Laurent et al.,1999), Children's Social Desirability Scale(Crandall et al., 1965), and a one-item globallife satisfaction rating (GLLS). Students alsorated the importance of the BMSLSS five lifesatisfaction domains (Family, Friends, School,Self, Living Environment). The results revealedacceptable internal consistency reliability,criterion-related validity, and constructvalidity for the BMSLSS Total score forresearch purposes. Furthermore, evidence ofconvergent and discriminant validity for theBMSLSS domain scores was also obtained throughmultitrait-multimethod analyses. Finally, theresults failed to provide strong support forthe usefulness of importance scores inpredicting overall life satisfaction;unweighted BMSLSS scores were highly related toglobal life satisfaction (GLLS) scores. InStudy 2, 46 high school students completed theBMSLSS and MSLSS to test the generalizabilityof the convergent and discriminant validityfindings with older adolescents. The findingsrevealed stronger evidence of validity withthis age group. Overall, the findings offered preliminary support for the reliability andvalidity of the BMSLSS, suggesting that it canserve as a useful alternative to the longerMSLSS in studies with adolescents in whichbrevity is an important consideration.     

Transition into Retirement Affects Life Satisfaction: Short- and Long-Term Development Depends on Last Labor Market Status and Education

The effect of retirement on life satisfaction is a research topic that received a lot of attention, yet provided heterogeneous results. The current study suggests a remedy for this situation by taking two predictors of diversity (i.e. education and last labor market status) into account. We assumed that changes in social status and changes in resources influence retirement adjustment. The social status change affects retirees in the short-term, whereas individuals’ resources indicated by education predict long-term adjustment. To disentangle these processes, we contrasted exits from full-time employment and transitions from unemployment. We used data from the German Socio-Economic Panel to estimate a multi-group, multi-episodes dual change score model. The development of life satisfaction is lastingly interrupted by retirement. A short-term increase in life satisfaction was found for both transition groups but was more pronounced for those being previously unemployed. Life satisfaction develops in the long-term education-specific: retirees who have more education show almost constant life satisfaction whereas those retirees who have less education experience a decline. The results indicate that retirement entails a major change in the way people live. Adjustment to this can be characterized by two processes: A status change enfolds in the short-term. A building of new daily routines using individuals’ resources develops in the long-term. Both processes can be interpreted in terms of cumulative inequality: last labor market status differences decrease in the short-term but remain. Educational differences increase after retirement.     

Family Migration in a Developing Country

A family model of migration is developed and empirically tested by using longitudinal data for respondents living in Ilocos Norte Province, Philippines. Based on the framework of a family-migration system, family migration is assumed to depend on the character of linkage to the migration system, family household structure, socio-economic resources, family pressure to migrate, family/kin ties to place of origin, and previous mobility experience of family members. Family-migration behaviour is specified as migration of some (one or more) family members, or of the entire family. The findings support the importance of linkage to a family-migration system by way of remittances and the previous mobility experience of family members in the prediction of both types of family migration. Migration of some family members is also predicted by fewer parcels of land owned, higher levels of education, larger household size, and an early life-course stage. Family pressure to migrate, indicating the interactional context of the family, is important for the migration of entire families. It is concluded that the framework used and results presented help explain how migration becomes an institutionalized reality of family life in many developing countries.     

Intergenerational Profiles of Socioeconomic (Dis)advantage and Obesity During the Transition to Adulthood

Investigations of socioeconomic status (SES) and health during the transition to adulthood in the United States are complicated by the later and more varied transitions in residence, employment, schooling, and social roles compared with previous generations. Parental SES is an important influence during adolescence but cannot sufficiently capture the SES of the independent young adult. Typical, single SES indicators based on income or education likely misclassify the SES of young adults who have not yet completed their education or other training, or who have entered the labor force early with ultimately lower status attainment. We use a latent class analysis (LCA) framework to characterize five intergenerational SES groups, combining multidimensional SES information from two time points—that is, adolescent (parental) and young adult (self) SES data. Associations of these groups with obesity, a high-risk health outcome in young adults, revealed nuanced relationships not seen using traditional intergenerational SES measures. In males, for example, a middle-class upbringing in adolescence and continued material advantage into adulthood was associated with nearly as high obesity as a working poor upbringing and early, detrimental transitions. This intergenerational typology of early SES exposure facilitates understanding of SES and health during young adulthood.     

The Association Between School Stress,Life Satisfaction and Depressive Symptoms in Adolescents: Life Satisfaction as a Potential Mediator

The aim of the present study was to investigate the interrelationships between school-related stress (school performance, teacher interaction), life satisfaction, and depressive symptoms, as well as the potential mediating role of life satisfaction on the association between school-related stress and depressive symptoms. A total of 1,239 adolescents (13–18 years of age) from public elementary and secondary schools in mid-Norway participated in the school-based survey. The data were analysed using structural equations modelling. The present study showed that stress of school performance was significantly and positively related to depressive symptoms and significantly and inversely related to life satisfaction. At the bivariate levels, stress of teacher interaction was associated with more depressive symptoms and reduced life satisfaction. However, these associations were non-significant in the multivariate analyses, controlled for stress of school performance. A significant inverse association was found between life satisfaction and depressive symptoms. Further, life satisfaction partly mediated the association between stress of school performance and depressive symptoms. The results reflect the complexity of the interaction between adolescents’ experience of school performance stress and mental health, and the role of life satisfaction as a potentially relevant mediator of this association.