Abstract
In this research, we investigated how relative resource assessments relate to future expectations. In previous research, resources are typically studied separately, and contextual influences and reference-point dependencies are often ignored. We addressed this in an online survey in which Icelanders (N = 611) assessed their economic, temporal, social, and emotional resources using four reference points (wants, others, past, future). We used exploratory factor analysis to reduce the four resources into three reliable factors: economic, temporal, and socio-emotional resources. Using hierarchical regression we found that assessments of socio-emotional and economic resources were related to future expectations, even after controlling for more objective resource markers, such as income and education. This relationship was strongest when past resources were used as the reference point for assessing current resources. We interpret these findings as suggesting that temporal comparisons to the past become more salient during times of instability, as Icelanders have recently gone through much economic and political turmoil. A psychological challenge for individuals recovering from economic collapse is to abstain from comparing current with past resource levels, as it elicits a loss experience. Overcoming a feeling that “it was better before” seems vital in re-establishing optimistic future expectations.
Highlights
Background variablesWe used 10 standardized variables provided by the Internet Panel in Iceland as background variables
We investigated how relative resource assessments relate to future expectations
The aim of this research has been threefold: We aimed firstly to test whether relative resource assessments relate to expectations of the future and if each personal resource adds to this relationship? For that purpose, we asked people both about their worries and about their optimistic expectations of the future
Summary
The aim of this research has been threefold: We aimed firstly to test whether relative resource assessments relate to expectations of the future and if each personal resource adds to this relationship? For that purpose, we asked people both about their worries and about their optimistic expectations of the future. We aimed secondly to examine if the assumed relationship between relative resource assessments and future expectations were influenced by the referent used for the evaluation. To this goal, we measured the relative impact of comparing one’s resources to wants, others, the past and the future. We queried, when controlling for the influence of different relative resource assessments, what is the additional effect of a particular reference point on the relationship between personal resources and future outlook? We tested empirically the following hypothesis: H3: Each reference point has an additive effect on the relationship between relative resources and future outlook. Our hypothesis being: H4: The items measuring personal resources will cluster into the following four factors: economic, emotional, social and time resources To determine the reliability of these items we asked whether the items clustered into the four factors proposed? Our hypothesis being: H4: The items measuring personal resources will cluster into the following four factors: economic, emotional, social and time resources
Sign-in/Register to view highlights & summary Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
