Measures of economic well-being as predictors of psychological well-being |
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Authors: | Randolph J. Mullis |
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Affiliation: | 1. Dept. of Consumer Science, University of Wisconsin-Madison, 1300 Linden Drive, 53706, Madison, WI, U.S.A.
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Abstract: | This research indicates that a comprehensive measure of economic well-being based on permanent income, annuitized net worth, and household economic demands, performs better as a predictor of psychological well-being than conventional measures of economic well-being, particularly current reported income. Statistically, the results are significant yet the percentage of psychological well-being variance explained by the measures of economic well-being is very small. The average level of happiness varied only a small amount across quintile categories of each of the measures of economic well-being. That is to say, a substantial number of respondents in the lowest and next lowest quintiles of the measures of economic well-being expressed as high a level of happiness as respondents in the upper two quintiles of economic well-being.This research was funded by a grant from the National Institutes of Health/Mental Health #MH41783-02. |
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