Correlates of financial satisfaction

The urban desirability paradox: U.K. urban-rural differences in well-being, social satisfaction, and economic satisfaction

As the majority of the global population resides in cities, it is imperative to understand urban well-being. While cities offer concentrated social and economic opportunities, the question arises whether these benefits translate to equitable levels of satisfaction in these domains. Using a robust and objective measure of urbanicity on a sample of 156,000 U.K. residents aged 40 and up, we find that urban living is associated with lower scores across seven dimensions of well-being, social satisfaction, and economic satisfaction. In addition, these scores exhibit greater variability within urban areas, revealing increased inequality. Last, we identify optimal distances in the hinterlands of cities with the highest satisfaction and the least variation. Our findings raise concern for the psychological well-being of urban residents and show the importance of nonlinear methods in urban research.

Bio-psycho-social factors' associations with brain age: a large-scale UK Biobank diffusion study of 35,749 participants

Brain age refers to age predicted by brain features. Brain age has previously been associated with various health and disease outcomes and suggested as a potential biomarker of general health. Few previous studies have systematically assessed brain age variability derived from single and multi-shell diffusion magnetic resonance imaging data. Here, we present multivariate models of brain age derived from various diffusion approaches and how they relate to bio-psycho-social variables within the domains of sociodemographic, cognitive, life-satisfaction, as well as health and lifestyle factors in midlife to old age (N = 35,749, 44.6-82.8 years of age). Bio-psycho-social factors could uniquely explain a small proportion of the brain age variance, in a similar pattern across diffusion approaches: cognitive scores, life satisfaction, health and lifestyle factors adding to the variance explained, but not socio-demographics. Consistent brain age associations across models were found for waist-to-hip ratio, diabetes, hypertension, smoking, matrix puzzles solving, and job and health satisfaction and perception. Furthermore, we found large variability in sex and ethnicity group differences in brain age. Our results show that brain age cannot be sufficiently explained by bio-psycho-social variables alone. However, the observed associations suggest to adjust for sex, ethnicity, cognitive factors, as well as health and lifestyle factors, and to observe bio-psycho-social factor interactions' influence on brain age in future studies.

Beyond the p-value: Bayesian Statistics and Causation

Statistical paradigms limit the perspective and tools social work researchers use to study the world and answer questions impacting people and policy. Currently, quantitative social work researchers overwhelmingly rely on the frequentist paradigm of statistics. This paper discusses foundational differences between the frequentist and Bayesian statistical paradigms, describes basic concepts of Bayesian analysis, compares Bayesian and frequentist statistical analysis for a sample social work problem, and introduces two types of causal analyses built on Bayesian statistical thinking: counterfactual causality, and causality based on work by computer scientist Judea Pearl. Implications for social work research are discussed.

On the Relation Between Over-Indebtedness and Well-Being: An Analysis of the Mechanisms Influencing Health, Sleep, Life Satisfaction, and Emotional Well-Being

This paper aims to explore the association between over-indebtedness and two facets of well-being - life satisfaction and emotional well-being. Although prior research has associated over-indebtedness with lower life satisfaction, this study contributes to the extant literature by revealing its effects on emotional well-being, which is a crucial component of well-being that has received less attention. Besides subjective well-being (SWB), reported health, and sleep quality were also assessed. The findings suggest that over-indebted (compared to non-over-indebted) consumers have lower life satisfaction and emotional well-being, as well as poorer (reported) health and sleep quality. Furthermore, over-indebtedness impacts life satisfaction and emotional well-being through different mechanisms. Consumers decreased perceived control accounts for the impact of over-indebtedness on both facets of well-being (as well as on reported health and sleep). Financial well-being (a specific component of life satisfaction), partly mediates the impact of indebtedness status on overall life satisfaction. The current study contributes to research focusing on the relationship between indebtedness, well-being, health, and sleep quality, and provides relevant theoretical and practical implications.

Use of an Income-Equivalence Scale to Understand Age-Related Changes in Financial Strain

Income-equivalence scales (IES) provide distinct advantages over poverty indices to adjust family income for differences in family size, including improved specification of hypothesized causal relationships involving objective measures of economic well-being. In a novel IES application, cancer patients' out-of-pocket health costs are adjusted for differences in family income and size and, along with five other subindices, contribute to an overall index of "objective family financial stress." Age-related changes are modeled simultaneously within relationships between overall objective family financial stress and subjective patient perceptions about financial strain. Among the findings, the impact of age on one area of subjective financial strain, "difficulty paying bills," is negative and curvilinear. Regardless of adjusted out-of-pocket costs, as age advances, patients appear increasingly likely to accommodate to financial stress by reporting less difficulty paying bills. This phenomenon could serve to mask and isolate older adults who are foregoing needed yet unaffordable medical care and prescriptions.

Cross-national insights into the relationship between wealth and wellbeing: a comparison between Australia, the United States of America and South Korea

The positive relationship between wealth and wellbeing has received considerable attention over the last three decades. However, little is known about how the significance of wealth for the health and wellbeing of older adults may vary across societies. Furthermore, researchers tend to focus mainly on income rather than other aspects of financial resources even though older adults often rely on fixed income, particularly after retirement. Using data from the Household, Income and Labour Dynamics in Australia (HILDA) survey (N=1,431), the Health and Retirement Study (HRS) in the United States of America (USA; N=4,687), and the Korean Longitudinal Study of Ageing (KLoSA; N=5,447), this exploratory cross-national study examined the relationship between wealth satisfaction and objective wealth and wellbeing (measured as self-rated health and life satisfaction) among older Australians, Americans and Koreans (50+ years). Regression analyses showed that wealth satisfaction was associated with wellbeing over and above monetary wealth in all three countries. The relationship between monetary wealth and self-rated health was larger for the US than Australian and Korean samples, while the additional contribution of wealth satisfaction to life satisfaction was larger for the Korean than the Australian and US samples. These findings are discussed in terms of the cultural and economic differences between these countries, particularly as they affect older persons.

Money and happiness: does age make a difference?

Although the factors that influence people's perception of happiness have long been a focus for scholars, research to date has not offered conclusive findings on the relationships between income, age and happiness. This study examined the relationship between money and happiness across age groups. Analysing data from United States General Social Surveys from 1972 to 2006, this study finds that even after controlling for all the major socio-demographic variables, income (whether household income or personal equivalised income) had a significant positive association with happiness for young and middle-age adults, but it was not the same case with older adults. After controlling for the major socio-demographic variables, there was no evidence of a significant relationship between income (whichever definition) and happiness for older adults. The results also showed that the effect of household income on happiness was significantly smaller for older adults than for young or middle-age adults in the model controlling for major socio-demographic variables. The relationship between household income and happiness no longer differed significantly across age groups after social comparison variables were included. The relationship between equivalised income and happiness did not vary significantly by age group after controlling for the major socio-demographic variables.

Income, age and financial satisfaction

Although the effects of income and age on subjective well-being have been widely studied, research on the effects of income and age on financial satisfaction, a major life domain to which income has direct relevance, remains limited. Analyzing data from the General Social Surveys, this article empirically examined the effects of income and age on financial satisfaction. These findings suggest that the social-psychological mechanisms underlying the age differences in the effects of income on financial satisfaction might not reflect a clear-cut status attainment versus status maintenance framework. The findings also served to caution future financial satisfaction research in the choice of income measures and the age grouping.

Trends in financial satisfaction: does poverty make a difference?

Gerontological studies on financial satisfaction have been limited by the dearth of longitudinal research and the lack of research that includes the concept of poverty. In order to bridge these gaps, this longitudinal study examines and compares the intracohort and intercohort effects on financial satisfaction trends by poverty status among Americans age 45 and above, using data from the General Social Surveys. The results suggest that for both the poor and the non-poor, changes in financial satisfaction trends are mostly due to strong negative intercohort effects, indicating that younger cohorts are less satisfied financially than the older ones. There appears to be a significant difference in the intercohort effects of financial satisfaction trends between the poor and the non-poor. However, such difference can be accounted for by the differences in the effects of education and social comparison (or relative deprivation) on financial satisfaction between the poor and the non-poor.