The Relative Importance of Personality, Financial Satisfaction, and Autonomy for Different Subjective Well-Being Facets

Abstract

Using a nationally representative sample (N = 507) from Singapore, this study examined whether personality, financial satisfaction, and autonomy were important to subjective well-being (SWB), and how the importance of these predictors varied across different SWB facets—life satisfaction, happiness, positive feelings, and negative feelings. The findings indicated that neuroticism, financial satisfaction, and autonomy, were important predictors of happiness. Personality was most important for affective well-being (i.e., positive and negative feelings), whereas financial satisfaction was most important for life satisfaction. Specifically, neuroticism accounted for substantial variance in positive and negative feelings, and was the strongest correlate among the Big Five traits. In contrast, financial satisfaction explained most of the variance in life satisfaction. This highlights that the importance of well-being predictors depended on the facet of well-being examined. The findings suggest that residents in an affluent nation like Singapore do not emphasize only postmaterialist values (e.g., autonomy) and disregard materialist concerns (e.g., financial satisfaction). Though certain SWB facets (positive and negative affect) are largely influenced by dispositional factors, other facets (life satisfaction and happiness) are closely related to factors (e.g., financial satisfaction, autonomy) that may be affected by social policies. Policymakers can thus target those aspects to enhance people’s SWB.