The factors affecting a family's plan to change its financial situation

Abstract

This study investigates the factors involved in changing a family's financial situation for 485 Midwestern households. High income families and those with high home equity levels have a smaller gap between their standards and levels of consumption. High income families are more satisfied with their financial situations than low income families. Those families with a large gap between their standards and levels of consumption are more dissatisfied with their financial situations. Older heads of households have higher satisfaction with their financial situations and are less likely to plan to change them. Large families are less satisfied with their financial situations than small families and are more likely to plan to change them.