Ngamaba, Kayonda Hubert, Armitage, Christopher J, Panagioti, Maria et al. (1 more author) (2020) How closely related are financial satisfaction and subjective well-being? Systematic review and meta-analysis. Journal of Behavioral and Experimental Economics. 101522. ISSN 2214-8051
Abstract
Financial satisfaction is considered one of the determinants of Subjective well-being (SWB), yet the assumption that financial satisfaction is closely associated with SWB has not been tested across nations. This first systematic review and meta-analysis examined the association between financial satisfaction and SWB and to test whether any association is affected by key operational and methodological factors. Following Cochrane and PRISMA guidelines, a systematic (Web of Science, Medline, Embase, PsycINFO and Google scholar) search was conducted (January 1980–August 2019). Meta-analyses, meta-regressions and subgroup analysis using random-effects models were performed. 24 studies were included in the meta-analysis and the overall association between financial satisfaction and SWB was medium, significant and positive (pooled r = 0.41, 95% CI = 0.38–0.44; Q = 7108, I2 = 99.7%, p < 0.001). Univariate meta-regressions showed that studies conducted in countries that were more developed (B = 0.14, 95% CI: 0.05, 0.24, I2 = 79%, R2 = 51%), and had used multiple items (B = 0.12, 95% CI: 0.01, 0.18, I2 = 72%, R2 = 30%) instead of single were significantly associated with better financial satisfaction and greater SWB. Our findings highlight the need for designing better tools to measure these core societal concepts; to improve financial satisfaction and hence SWB across the globe.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2020 Published by Elsevier Inc. This is an author-produced version of the published paper. Uploaded in accordance with the publisher’s self-archiving policy. |
Keywords: | Happiness, Life satisfaction, Subjective well-being, Financial satisfaction, Income, Quality of life. |
Dates: |
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Institution: | The University of York |
Academic Units: | The University of York > Faculty of Social Sciences (York) > Social Policy and Social Work (York) |
Depositing User: | Pure (York) |
Date Deposited: | 03 Mar 2020 14:50 |
Last Modified: | 16 Oct 2024 16:26 |
Published Version: | https://doi.org/10.1016/j.socec.2020.101522 |
Status: | Published |
Refereed: | Yes |
Identification Number: | 10.1016/j.socec.2020.101522 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:157902 |
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