The impact of financial satisfaction on well-being of Canadian military members

Abstract

Introduction: The ability to attain financial satisfaction is becoming progressively difficult due to increasing living standards, costs, and accruement of debt. Military members are arguably at greater risk of being dissatisfied with their current financial situation and suffering from financial strain and psychological distress due to the demands of a military lifestyle. Methods: The present study aimed to explore the predictive relationships between financial satisfaction and daily coping ability on two facets of well-being – life satisfaction and psychological distress – among Canadian military personnel. Results: The hierarchical regression results demonstrated that financial satisfaction was a significant predictor of life satisfaction and psychological distress. Moreover, daily coping ability played a vital role in improving participants’ life satisfaction and reducing psychological distress, above and beyond the positive impact of financial satisfaction. Discussion: The qualitative difference between the predictors and outcome variables as well as directions for future research are discussed.