Financial Satisfaction Research Articles

Financial Distress and Smoking-induced Deprivation in Smokers with Depression.

Objectives: Tobacco use may be related to financial strain in people with depression. This study explored the relationship among tobacco expenditures, financial distress, and smoking-induced deprivation (SID) in smokers with and without depression. Methods: Adult tobacco users in the United States (N = 234) completed a survey assessing depression (PHQ-8≥10), sociodemographics, tobacco use and spending, financial satisfaction and distress, and SID. Regression models controlling for income compared outcomes between participants with (N = 96) and without (N = 138) depression. Results: Participants with depression were 4 times more likely to report SID (32% vs 8%, p = .00). Smokers with depression had lower financial satisfaction, greater worry about being able to meet monthly living expenses, higher frequency of being unable to afford a leisure activity, higher frequency living paycheck to paycheck, and lower confidence in finding money for an emergency (p < .01). In smokers with depression, higher tobacco expenditures were independently associated with greater odds of SID and higher levels of financial distress (p < .01). Conclusions: About one-third of smokers with depression forego essentials to pay for tobacco. Tobacco interventions may alleviate financial strain in people with depression.

Know Thyself Financially: How Financial Self-awareness Can Benefit Consumers and Financial Advisors

We consider the relationship between an individual's financial self‐awareness, defined as detailed knowledge about one's current financial assets, liabilities, and spending patterns, and financial outcomes. The results of three studies show that a higher level of financial self‐awareness is associated with positive financial decisions and satisfaction among individuals. This effect is mediated by perceived efficacy about handling personal finances. We also find that financial literacy strengthens the association between financial self‐awareness and investing and saving, but does not affect the association between financial self‐awareness and either financial satisfaction or spending decisions. Increasing the financial self‐awareness of clients offers a useful method for financial advisors and policy makers to encourage prudent financial decisions. Full Text Available Here: https://doi.org/10.1002/cfp2.1069

Relative Deprivation in Tanzania

This paper examines the importance of relative deprivation in Tanzania, a poor African country, using three waves of the Tanzanian National Panel Survey. We contribute to earlier literature in Africa by controlling for time persistent unobservable individual characteristics (panel data) and by using two measures of satisfaction (life and financial satisfaction) and two definitions of reference group. By comparing results between satisfaction measures and across definitions of reference groups we help to understand the mechanisms through which comparisons work in a poor setting.In contrast with earlier literature, we find strong evidence of relative deprivation in financial satisfaction of all individuals in Tanzania, and evidence for life satisfaction only for individuals with weaker ties with their community. For those with strong ties, we find evidence of a positive correlation between life satisfaction and the average consumption of close neighbors and argue that this can be explained by feelings of empathy.

Material and social resources at old age from life course perspective: An overview of the United Kingdom

Material and Social resources throughout the life course has cumulative impact at old age. An individual utilizes these resources in varied ways to attain her/his goals. Even though material resources decline with aging, financial satisfaction increases with age. Older people will have a greater chance of having a family caregiver than their previous generations – in spite of the declining fertility – due to better chances of their caregiver's survival. The study concludes that new uncertainties and global risks threaten the well-being of the older people.

Role of financial knowledge, financial socialisation and financial risk attitude in financial satisfaction of Indian individuals

Role of financial knowledge, financial socialisation and financial risk attitude in financial satisfaction of Indian individuals

What do housing wealth and tenure have to do with it? Changes in wellbeing of men and women after divorce using Australian panel data

Homeownership, as a way to build up housing wealth, is believed to play an increasingly important role in terms of providing welfare to citizens. However, homeownership does not always act as a nest-egg; it can be a source of financial anxiety as well. In this paper we investigate how homeownership and housing wealth impact on the relationship between divorce and subjective wellbeing (life satisfaction, happiness, financial satisfaction). Using longitudinal data for Australia we find that homeowners are more negatively affected with respect to wellbeing by divorce than tenants, amongst others because the owned house becomes a financial burden. We further find that gender moderates the impact of homeownership and tenure change upon divorce on wellbeing. When women move from an owned to a rented house, divorce has a smaller negative effect on happiness and financial satisfaction than when women stay in the owned house. For men, staying in the owned house or moving within the owner-occupied sector increases happiness, but moving to the rental sector from the owned house increases financial satisfaction. Furthermore, for men, housing wealth mitigates financial stress when remaining in an owner-occupied house after divorce. We conclude that the potential role of homeownership as a welfare resource – in this case for subjective well-being – seems rather limited to those who already possess other resources (e.g. financial security) and therefore cannot be expected to substitute more traditional forms of welfare.

Spirituality, health and well-being in the elderly.

Bailly et al. (2018) examined the trajectory of spirituality in a cohort of 567 non-institutionalized older adults living in Tours, France, during a period of five years. The measurements for spirituality (Daily Spiritual Experience Scale, DES), social support (Satisfaction with Social Support subscale of the Duke Social Support Index), and accommodative tendencies (Flexible Goal Adjustment) were longitudinally collected at three time points (2007, 2009, and 2012). The results of the study confirmed some expected observations, such as higher levels of spirituality among religious older adults when compared with the ones without religion, and older women reporting higher levels of spirituality than older men. But the most interesting finding was the observation that the measured levels of spirituality among older adults remained stable during this five-year period. Based on a growing number of studies and theories of aging suggesting that the levels of spirituality increases during a person's lifetime, one would expect an increase in the levels of spirituality along the study follow-up. The authors, however, interpreted the stable level of spirituality informed by the participants as having already reached a relatively high mean rating score of spirituality at baseline. From the beginning of the trail, many participants expressed self-contentment and reported having found meaning in their lives. Moreover, the responders had, in general, more years of education than expected for people in their age group, lived at home independently with a good self-health evaluation, had relatively fewer diseases, and a good perception of financial satisfaction; these characteristics perhaps make this group not representative of the French general population in the same age bracket.

학자금 대출이 대학생의 삶의 질에 미치는 영향(The Effects of Student Loan on Quality of College Life)

Korean Abstract: 본 연구는 한국교육고용패널조사(KEEP) 11차년도(2014) 데이터를 활용하여 대학생의 삶의 질에 대한 학자금 대출의 영향을 분석하였다. 삶의 질은 주관적 접근방법을 토대로 개인이 느끼는 만족도로 정의하였으며, Pukeliene et al(2011)의 ‘삶의 질 측정 모델(the Model for measurement of Quality of Life)’을 토대로 전반적인 삶의 질과 하위 영역별 삶의 질(신체적․물질적․개인발전․사회적 웰빙)을 구분하여 측정하였다. t-test 분석 결과, 학자금 대출자가 비대출자에 비해 전반적인 삶의 질(만족도)이 낮았고, 세부적으로 물질적 웰빙의 구성요소인 재정만족도, 사회적 웰빙의 구성요소인 가정생활만족도에서도 유의한 차이가 있었다. 과연 이러한 차이가 학자금 대출 때문인가를 확인하기 위해 하위 영역별 삶의 질을 통제하여 OLS를 통해 전반적 삶의 질(만족도)에 미치는 영향을 살펴본 결과, 학자금 대출이 전반적인 삶의 질에 유의한 양( )의 영향을 미침이 확인되었다. 이는 t-test 결과와 상반되는 것으로, 기타 변수를 통제했기 때문으로 보이며 일반적인 채무에 대한 인식과 달리 학자금 대출이 대학생에게 긍정적인 요소로 작용함을 알 수 있다. 하위 영역별 삶의 질과 전반적인 삶의 질의 관계를 분석한 결과, 신체적 웰빙의 하위 요소인 건강과 개인안전, 물질적 웰빙의 요소인 가계재무, 개인 발전 웰빙인 미래에 대한 긍정적 전망, 사회적 웰빙의 요소인 가정생활, 친목․여가 커뮤니티 참여도가 전반적 삶의 질에 유의한 영향을 미치는 것으로 나타났다. 가계소득수준에 따라 학자금 대출이 삶의 질에 다른 영향을 미칠 것으로 예상하여 소득이 낮은 집단과 높은 집단으로 나누어 학자금 대출의 삶의 질에 대한 영향을 분석한 결과, 소득수준이 높은 집단에서는 학자금 대출여부가 전체 분석결과와 동일하게 전반적 삶의 질에 양( )의 영향을 미치는 것으로 나타났으나, 소득수준이 낮은 집단에서는 통계적으로 유의하지는 않았고, 그 값도 음(-)으로 바뀜을 확인할 수 있었다. English Abstract: This study analyzed how student loan affect the quality of college life using 11th year(2014) data from Korean Education & Employment Panel. The quality of life is defined as personal satisfaction measured by subjective well-being approach and is divided into the quality of overall life and the quality of subareal lives including physical, material, personal achievement and social wellbeing areas. The results of analysis showed that students with student loan debt have lower quality of overall life (satisfaction level) than those with no student loan debt. Also, there was a significant gap between them in terms of household financial satisfaction that stands for material wellbeing and satisfaction family life that stands for social wellbeing. In order to verify whether this gap is created by student loan, controlling the quality of subareal lives, this study examined whether student loan affects the quality of overall life. According to the results, student loan have a significant effect to the quality of overall life. And health satisfaction and personal safety satisfaction that stand for physical wellbeing, household financial satisfaction that stands for material wellbeing, optimistic about the future that stands for personal achievement wellbeing, and leisure community participation and family life satisfaction that stand for social wellbeing have significant effect on the quality of overall life. In addition, depending on the expectation that student loan have different effect according to income level, this study divides students into two groups by their income level. Then, in the same manner as above, each group was analyzed by OLS method. As a results, student loan have significantly plus( ) effect on the quality of overall life in the group with high income level, but don’t have significant effect in the group with low income level. And coefficient between student loan and quality of overall life is changed to minus(-).

Religious polarization, religious conflicts and individual financial satisfaction: Evidence from India

AbstractThe extant literature finds religion to be a major determinant of life satisfaction. However, in contexts characterized by religious tensions, the outcome may be very different. In particular, the literature shows that religious polarization has a major influence on some economic outcomes. The analysis presented in the paper tries to identify the impact of religious polarization on a major component of life satisfaction: financial satisfaction. The paper inquires how belonging to a minority religion and living in areas with different levels of religious polarization affect the individual satisfaction with the financial situation of the household. The results show that the members of minority religious groups are less satisfied than the members of the dominant group, and that the financial satisfaction decreases—for a given income—as the religious polarization increases.

Debt Holding, Financial Behavior, and Financial Satisfaction

This study examined factors associated with financial satisfaction and found that financial behaviors/attitudes provide the strongest explanation for the total variance in financial satisfaction. While overspending had a strong negative association with financial satisfaction, having a higher risk tolerance, no difficulty with monthly bill payments, and savings in an emergency fund, were all positively associated with financial satisfaction. Households with student loan debts and homeowners with mortgage loans were also less likely to be satisfied with their overall financial situation. The findings underscore the important role of positive savings and spending behavior on overall financial satisfaction and the opportunity for financial counselors, educators, and coaches to focus on motivating clients to save and plan ahead.

DISENTANGLING THE MECHANISMS OF RETIREMENT ADJUSTMENT: DETERMINANTS AND CONSEQUENCES OF SUBJECTIVE WELL-BEING

Retirement from work is a major life event requiring adaptation to new life circumstances. The resource-based dynamic model of retirement adjustment suggests that well-being will change due to changes in individual resources. In the present study, we test this hypothesis by investigating longitudinal and bidirectional associations between life satisfaction and perceived resources (i.e., self-esteem, autonomy, social support, self-rated physical health, self-rated cognitive ability, and financial satisfaction) over a 4-year period in the transition from work to retirement. Our sample included annual assessment data from 497 older adults (aged 60–66) in the population-based HEalth, Ageing, and Retirement Transitions in Sweden (HEARTS) study. Results from bivariate latent change score models showed weak but consistent associations between changes in perceived resources and changes in life satisfaction over the retirement transition. Analyses of cross-lagged effects also revealed bidirectional associations. Self-esteem, self-rated physical health, and total resource capability were positively related to changes in life satisfaction, and life satisfaction was positively related to changes in self-esteem, autonomy, self-rated physical health, and self-rated cognitive ability. The total resource capability accounted for 12% of the changes in life satisfaction in the first years following retirement. Life satisfaction accounted for 16% of the changes in autonomy in the transition from work to retirement. Our findings demonstrate that perceived resources are important for life satisfaction in the retirement transition, at the same time as overall life satisfaction accounts for how we perceive and evaluate our own resources during this process.

Influence Factors toward Financial Satisfaction with Financial Behavior as Intervening Variable on Jakarta Area Workforce

Influence Factors toward Financial Satisfaction with Financial Behavior as Intervening Variable on Jakarta Area Workforce

The Influence of Student Loan Debt on Financial Satisfaction

This research examined the influence of student loan debt on financial satisfaction using a sample of adults ages 18–54 from the 2015 National Financial Capability Study (NFCS). The study took advantage of the expanded set of variables related to student loan debt that was added to the 2015 wave of the NFCS survey. Results provided mixed evidence of student loan debt serving as an influential factor on consumer financial satisfaction. Whereas borrowing from multiple sources (federal and private) or private lenders only was associated with a lower likelihood of respondents indicating that they would make the same borrowing decisions, having student loan debt was not significantly associated with financial satisfaction. Implications for policy are considered.

Feasibility of medication coordination with lay navigators in outpatient oncology clinics.

81 Background: Significant obstacles exist with approval and payment of oncology medications for both the patient and pharmacy team. Our medication assistance program is supported by the clinical pharmacist (CP) and clinic staff. Many tasks are time consuming, interrupt patient care and may create medication access delays. Patients also need assistance with health insurance literacy and have minimal understanding of medication assistance resources. Lay navigators (LN) are volunteers who assist cancer patients overcome barriers to care. They are trained to work in tandem with clinical staff while linking patients to financial resources. A pilot was developed to determine the feasibility and value of integrating LN support within the pharmacy team. Methods: Four LN were integrated into oncology clinics. Tasks were assigned to the LN under the supervision of the CP. The LN documented tasks executed, entities and patients they communicated with and time spent on each encounter. Results: From April to June 2018, 4 LN were available 2 to 4 hours per week. The LN completed 46 interventions for 20 patients (Table 1). Average time spent on each intervention was 19 minutes. Over the 9-week pilot period the LN saved clinic staff a total of 10.87 hours. LN survey feedback was positive and 75% of the LN report confidence when communicating with patients about medication access. Conclusions: We have demonstrated that LN can be utilized as a pharmacy advocate for medication coordination in oncology clinics at our academic medical center. LN satisfaction was high and time savings allowed CP to focus on direct patient care. The model is cost effective and requires few resources other than financial toxicity training and supervision. Future steps will include determining financial impact, patient satisfaction and expansion into additional clinics.[Table: see text]

Characteristics of ETF Owners: Exploring the Role of Investor Knowledge, Fee Aversion, and Financial Advice Seeking

Using the 2015 NFCS Investor Survey, this study investigated the relationship between individual financial characteristics and ETF ownership. While ETFs offer many benefits in comparison to traditional mutual funds, only 22% of investors held ETFs in their investment portfolios. Those ETF owners had higher financial knowledge than their non-ETF owning counterparts, supporting bounded rationality as a driver of investment behavior. The source of the financial knowledge, whether subjective or objective, made no significant difference. Seeking financial help through a financial advisor and aversion to fees were not significant variables in explaining the variation in ETF ownership while increased risk tolerance and financial satisfaction were associated with ETF ownership.

Financial Development and Economic Growth Nexus in Pakistan: An Analysis of Bound Testing Approach

This study researches on the financial development and economic growth in Pakistan. The study demonstrates the correlation connecting financial development and economic growth from the range of time, 1974 - 2014. For checking the stationarity of variables, Augmented Dickey-Fuller (ADF) and Philip-Peron (P.P) unit root technique is applied. To elaborate long-run relationship, ARDL (autoregressive distributed lag) and Bound test is conducted. By ARDL technique, study investigate that Gross Domestic Product, Money supply, Exchange rate, Gross fixed capital formation, Domestic Savings and Trade Openness are assimilated. According to research findings: economic growth directly related to money supply (M2) and domestic saving in long-run but money supply illustrates insignificant impact. The study uses GDP as endogenous variable and represents Economic growth. While M2 as exogenous variable which represents financial development and financial liberalization. Current researches seek to establish direct relation of economic growth with trade openness and money supply. Pakistani researchers aim to examine the association of economic policies with financial satisfaction over the globe.

사회적 자본이 노년층의 주관적 안녕감에 영향을 미치는 연구 - 재정 만족도의 매개효과

사회적 자본이 노년층의 주관적 안녕감에 영향을 미치는 연구 - 재정 만족도의 매개효과

Propensity to plan, financial capability, and financial satisfaction

AbstractPropensity to plan is an indicator of financial capability that contributes to consumer financial well‐being. Previous research has shown that propensity to plan is positively related to objective financial well‐being but little research was found to examine its association with subjective financial well‐being. Using financial satisfaction to measure subjective financial well‐being, this study addressed this research gap and had three objectives: (1) to explore factors associated with propensity to plan, (2) to examine the association between propensity to plan and financial capability factors, and (3) to examine the association between propensity to plan and financial satisfaction. Using data from the 2015 US National Financial Capability Study, the results showed socioeconomic differences in propensity to plan. The results suggest consumers with more economic resources had higher scores in propensity to plan. In addition, propensity to plan was positively associated with financial capability factors, suggesting financial planning is a desirable financial behavior. Finally, propensity to plan made unique contributions to financial satisfaction after controlling for socioeconomic and other financial capability factors.

The Relationship Between Reverse Mortgage Borrowing, Domain and Life Satisfaction.

Reverse mortgages allow adults aged 62 years and older to borrow against the equity in their homes without incurring monthly loan repayments. This study examines the relationship of reverse mortgage borrowing with older adults' satisfaction with their financial situation, housing, health, and daily life/leisure as well as with life as a whole. A new national data set of 1,088 older adults, comprised of loan data, credit histories, and responses to a phone survey, was created. Our estimation strategy compares reverse mortgage borrowers to older adults who obtained mandatory counseling but not a reverse mortgage. Reverse mortgage borrowers have significantly higher financial and housing satisfaction compared to nonborrowers; no differences were found for health, daily life/leisure, and general satisfaction. These satisfaction domains contribute differently to general satisfaction for reverse mortgage borrowers relative to nonborrowers: housing satisfaction has a greater influence for borrowers and health a greater influence for nonborrowers. Our study provides new knowledge about the longer-term outcomes of reverse mortgage borrowers. The positive association of reverse mortgage borrowing for housing and financial satisfaction and, in turn, general satisfaction, provides insights regarding borrower experiences with this controversial financial tool.

Understanding the relationship between Facebook use and adaptation to financial hardship: Evidence from a longitudinal panel study

Prior longitudinal studies on the effects of Facebook use on well-being often found no or only small effects. One reason could be that well-being indicators are often remarkably stable over time. In the present study, we looked therefore at people who experienced financial hardship, a stressful life event, and examined whether Facebook users differed from non-users in how they reacted and adapted to the life event over time and which role social support played in this process. We used multilevel models to examine the recovery process to the negative life event. Facebook users experienced a larger drop of satisfaction with their financial situation during the life event (= the reaction phase) than non-users, but showed higher levels of satisfaction after the life-event (= the adaptation phase). Online social support was also beneficial for adaptation to the life event. Next, we examined within the subsample of Facebook users to what extent frequency of posting and reading were related to receiving online social support and in turn financial satisfaction. Frequency of posting and reading were positively related to online social support. However, only posting was related to higher financial satisfaction and only at the end of the adaptation phase, indicating that Facebook use might mainly contribute positively to people's well-being some while after stressful life-events.