The level of well-being: A correlation between income and personality traits

Abstract

The article investigates the problems of material well-being of the population, the satisfaction with their own financial situation and the correlation between income and well-being. The methodological basis combines the eudaimonic and evaluative approach to measuring well-being, as well as a synthesis of the theory of decision making under Kaneman’s uncertainty and psychological diagnostic methods. The author analyses the interrelation between monthly income of individuals in monetary terms and its subjective assessment and identifies the distinctive features of income assessment depending on the wording of the question. The research results prove that people’s dissatisfaction with their financial situation poorly correlates with their income. The respondents’ financial behaviour and their assessment of their financial situation exhibit medium and weak connection with the personality characteristics established by using the methods of psychological diagnostics. The results of the study are of an applied nature and can be taken into account when shaping public policy, developing and interpreting opinion surveys. The findings can be also useful for further research on the relationship between personal income and personality traits.