Household , Income And Labour Dynamics In Australia Research Articles

Working longer hours and body weight: An Australian study using household panel data (with measures of paid and unpaid time) to provide gender-specific estimates

Time is a resource for health, and when time is constrained, people have less opportunity to maintain good health. This study focuses on the relationship between paid work hours (with a focus on long hours) and body weight for Australian men and women. Time is conceptualised as a 24-hour system, including time in paid work, time in unpaid work, and discretionary time (available for health promoting activities). We propose that to accurately estimate the relationship between long paid work hours and body weight, analyses need to take account of unpaid work hours, and that this is particularly important for women. Analyses utilised 16 waves of data from the Household, Income and Labour Dynamics in Australia (HILDA) panel study, with data on hours in paid and unpaid work and BMI at all waves (n = 113,084 observations, 54,664 from women and 58,424 from men). We used Mixed Effects models with a Two Stage Residual Inclusion (2SRI) approach to account for time unobserved heterogeneity and the reciprocity between time uses (paid and unpaid) and body weight. The results showed that for every 10 hours worked above the gender-specific average, women weighed 762 grms more and men weighed 1.34 kgs more. When the analyses were restricted to sedentary jobs this increased to 938 grms for women and 1.68 kgs for men. We contribute new evidence highlighting the importance of including unpaid work hours in research that aims to understand working time and health.

Financial literacy, attitudes, and financial satisfaction

Unpaid credit card debt can be problematic; people should avoid it where possible. Unlike prior studies, this article examines the relative strength of the association of financial literacy, attitude toward balancing spending and savings, and financial satisfaction with credit card debt- taking behavior by analyzing the 2016 wave of the Household, Income and Labor Dynamics in Australia (HILDA) Survey. We find that higher financial literacy is associated with less credit card debt. However, incorporating the other factors reduces this relationship. Our results advise policy-makers to include components in the financial literacy curricula that encourage savings attitude to reduce problematic debt-taking.

Does Stress Make You Less Neighbourly?*

Social cohesion and financial tensions are the key components of psychosocial well‐being, yet the relationship has rarely been examined. This article, which offers an empirical investigation into the complex and multidimensional character of social cohesion, examines how financial stress affects social relations in Australia and analyses the moderating effect of social support using longitudinal data from the Household, Income and Labour Dynamics in Australia (HILDA) survey. The results indicate that financial stress has negative effects on social cohesion and has the potential to contribute to social fragmentation. It was found that structural social cohesion is more affected by financial stress than cognitive social cohesion. This study also uncovers the beneficial and buffering effects that social support can bestow on financial stress trauma sufferers.

The importance of external social support for workplace-related stress as we grow older.

For older employees, a mismatch between work and nonwork roles can lead to work-family conflict (WFC) and stress. This paper examines whether the availability of social support from outside the workplace can assist these employees in coping with the stress-related consequences of WFC. This study used data from Waves 16 (Time 1) and 17 (Time 2) of the Household, Income and Labour Dynamics in Australia (HILDA) survey (N = 2867). Sociodemographic characteristics were measured using age, sex and employment tenure. A moderated regression model was applied to the older employees in this sample using stress, WFC with external social support as the moderator. Analysis was additionally undertaken for the different aged employee cohorts, younger than 30 years and middle-aged (30-50). We found that external social support dampened the effect of WFC on employee stress for older employees. This effect was more powerful for older employees than for younger employees. Interestingly, older employees reported the same levels of external social support as employees between 30 and 50, but less than that of employees younger than 30 years. Following our hypothesised relationships based on conservation of resources (COR), selection, optimisation with compensation (SOC) and socio-emotional selectivity theories (SST), this paper demonstrates that older employees benefit significantly from external social support. As external social support increased among older employees, the negative effect of WFC on stress decreased. However, this effect was only significant for employees up to the 68th percentile. Overall, this effect was less powerful for both groups of younger employees. Consistent with SOC and SST, older employees possessed different social motives (less reported external social support). Employer and government strategies assisting employees to develop social networks outside the workplace may provide significant benefits to organisations in addition to employees.

Maternal Free Time: A Missing Element in Fertility Studies

AbstractStudies on mothers’ time allocation and fertility have predominantly accentuated the importance of paid work for fertility decisions and, in consequence, of policies that allow combining paid work and family life. In this view, work time is typically seen as the time taken away from the family and vice versa. This paradigm does not recognize that mothers may need time for rest and leisure, and that rest and leisure time should be separate from both professional and family time. This study investigates whether the amount of free time available to mothers and maternal leisure behaviors, level of tiredness, and satisfaction with the amount of leisure time are associated with second birth transitions. We use the data from the Household, Income and Labour Dynamics in Australia (HILDA) survey, waves 1–20, and model time to second birth using event history models. We find that a mother's free time, tiredness, leisure activities, and satisfaction with leisure are significantly associated with second birth risk. A mother's education is an important moderator in some of these associations. This study brings attention to the complexity of mothers’ personal lives and emphasizes the need to look at them from a fine‐grained perspective.

Neighbourhood crime and obesity: Longitudinal evidence from Australia

RationaleObesity remains a significant public health concern globally with over one billion adults projected to be obese by 2025. To better understand the drivers of obesity and to inform policy, it is important to explore the factors that influence obesity. ObjectivesThe objective of this paper to examine if the crime rates in the neighbourhood or local area in which a person lives influences their likelihood of being obese. Thus, we seek to contribute to the literature on the determinants of obesity by asking the question: what is the effect of neighbourhood (i.e., postcode) crime on obesity? We also examine the pathways through which neighbourhood crime influences obesity with a focus on the role of social capital, physical activity and sleep quality. MethodsUsing 14 waves of longitudinal data from the Household, Income and Labour Dynamics in Australia (HILDA) survey merged with official police statistics on crime rates at the postcode level, we apply identification strategies that address endogeneity arising from endogenous sorting and omitted variable bias. ResultsWe find that an increase in neighbourhood crime rates is associated with an increase in body mass index (BMI) and the likelihood of being obese. Exploring the pathways through which neighbourhood crime influences obesity, we find that social capital and physical activity are important channels, while sleep quality is not. The evidence also suggests that the effects of violent crime are more pronounced compared to property crime. ConclusionOur findings suggest that targeting crime, and in particular violent crime, which seems to be driving the findings, is a core mechanism for reducing BMI and maintaining healthy body weight. The mediating role of physical activity and social capital also suggest that public policy can specifically target these areas by providing interventions that promote social capital and physical activity even amidst high crime rates.

Development and validation of an individual-based state-transition model for the prediction of frailty and frailty-related events.

Frailty is a biological syndrome that is associated with increased risks of morbidity and mortality. To assess the value of interventions to prevent or manage frailty, all important impacts on costs and outcomes should be estimated. The aim of this study is to describe the development and validation of an individual-based state transition model that predicts the incidence and progression of frailty and frailty-related events over the remaining lifetime of older Australians. An individual-based state transition simulation model comprising integrated sub models that represent the occurrence of seven events (mortality, hip fracture, falls, admission to hospital, delirium, physical disability, and transitioning to residential care) was developed. The initial parameterisation used data from the Survey of Health, Ageing, and Retirement in Europe (SHARE). The model was then calibrated for an Australian population using data from the Household, Income and Labour Dynamics in Australia (HILDA) Survey. The simulation model established internal validity with respect to predicting outcomes at 24 months for the SHARE population. Calibration was required to predict longer terms outcomes at 48 months in the SHARE and HILDA data. Using probabilistic calibration methods, over 1,000 sampled sets of input parameter met the convergence criteria across six external calibration targets. The developed model provides a tool for predicting frailty and frailty-related events in a representative community dwelling Australian population aged over 65 years and provides the basis for economic evaluation of frailty-focussed interventions. Calibration to outcomes observed over an extended time horizon would improve model validity.

Multimorbidity and health-related quality of life amongst Indigenous Australians: A longitudinal analysis

BackgroundThe burden of multimorbidity has been observed worldwide and it has significant consequences on health outcomes. In Australia, health-related quality of life (HRQoL) is comparatively low amongst Aboriginal and/or Torres Strait Islanders, yet no studies have examined the effect of multimorbidity on HRQoL within this at-risk population. This study seeks to fill that gap by employing a longitudinal research design.MethodsLongitudinal data were derived from three waves (9, 13, and 17) of the household, income and labour dynamics in Australia (HILDA) Survey. A total of 1007 person-year observations from 592 Aboriginal and/or Torres Strait Islander individuals aged 15 years and above were included. HRQoL was captured using the 36-item Short-Form Health Survey (SF-36), and multimorbidity was defined using self-reports of having been diagnosed with two or more chronic health conditions. Symmetric fixed-effects linear regression models were used to assess how intraindividual changes in multimorbidity were associated with intraindividual changes in HRQoL.ResultsApproximately 21% of Indigenous Australians were classified as experiencing multimorbidity. Respondents had statistically significantly lower HRQoL on the SF-36 sub-scales, summary measures, and health-utility index in those observations in which they experienced multimorbidity. Among others, multimorbidity was associated with lower scores on the SF-36 physical-component scale (β = − 6.527; Standard Error [SE] = 1.579), mental-component scale (β = − 3.765; SE = 1.590) and short-form six-dimension utility index (β = − 0.075; SE = 0.017).ConclusionThis study demonstrates that having multiple chronic conditions is statistically significantly associated with lower HRQoL amongst Indigenous Australians. These findings suggest that comprehensive and culturally sensitive health strategies addressing the complex needs of individuals with multimorbidity should be implemented to improve the HRQoL of Indigenous Australians.

The prevalence of chronic and episodic loneliness and social isolation from a longitudinal survey

Loneliness and social isolation, experienced more long-term, has been shown to increase mortality and lead to poorer health outcomes in specific cohorts. However, it is unclear what the prevalence of chronic loneliness and social isolation is, and which demographic groups are most at risk of reporting more chronic forms. A psychometrically validated classification system was used to identify people who met criteria for episodic and chronic loneliness and social isolation using the Household Income and Labour Dynamics in Australia (HILDA) survey waves 14–18. The prevalence of loneliness (overall 34%; 21% episodic, 13% chronic) far exceeded that of social isolation (overall 17%; 13% episodic, 4% chronic). There was consistency in the demographic characteristics (from age, sex, household type, income) of those who experienced loneliness and social isolation. However, people with a long-term health condition had an elevated risk of episodic loneliness (AOR 1.24, 95% CI 1.11–1.39) and a markedly higher risk of chronic loneliness (AOR 2.01, 95% CI 1.76–2.29), compared with those without a long-term health condition. Loneliness, both episodic and chronic subtypes, is more prevalent than social isolation. However, both chronic loneliness and social isolation remains neglected and poorly targeted within current practice and policy.

Does employment status mediate the association between disability status and mental health among young adults? Evidence from the Household, Income and Labour Dynamics in Australia (HILDA) survey

ObjectiveYoung adults with disabilities are less likely to be employed and more likely to have poor mental health than peers without disabilities. Growing evidence shows that social determinants of health...

Sleep duration, sleep quality and the risk of being obese: Evidence from the Australian panel survey

BackgroundSleep difficulty is an unmet public health concern affecting a vast proportion of the world's population. Poor sleep duration (short or long sleep length) and quality affect more than half of older people. Sleep difficulty is associated with negative health outcomes such as obesity and reduced longevity. We aimed to assess whether poor sleep duration and quality are significant risk factors for obesity in adults aged 15 and over in Australia by examining a nationally representative panel data. MethodsWe used three waves (waves 13, 17, and 21) of the nationally representative Household, Income and Labour Dynamics in Australia (HILDA) survey data. The study applied generalized estimating equations (GEE) logistic regression model to assess the relationship between sleep duration and quality with obesity. ResultsThe study found that the odds of being obese was significantly higher amongst the study participants with poor sleep duration (adjusted odds ratio [aOR]: 1.24, 95% confidence interval [CI]: 1.16–1.32) and poor sleep quality (aOR: 1.29, 95% CI: 1.02–1.38) compared with their counterparts who had good sleep duration and quality, respectively. ConclusionHaving short or long sleep at night and poor sleep quality are associated with an increased risk of obesity. Obesity poses a significant threat to the health of Australian adults. Enacting policies that raise public awareness of the significance of good sleep hygiene and encouraging healthy sleeping habits should be considered to address the alarming rise in the obesity rate.

Changing gender role attitudes and the changing gender gap in labour force participation

This paper uses micro-data from the Household, Income and Labour Dynamics in Australia (HILDA) Survey to examine the relationship between gender role attitudes and the labour supply of men and women. Using the Wellington decomposition technique, the paper also considers how much of the change in the gender gap in labour force participation (LFP) between 2001/5 and 2015/19 may be explained by changes in the gender role attitudes of adult women and men. The results show a 6.5 percentage point convergence in the gender gap in LFP between the two periods. Nearly half the convergence arises from a change in the schooling attainment of men and women. Just over one-third is due to changes in gender role attitudes (faster adoption of egalitarian gender role attitudes by women).

The impact of sleep quality on mental health in working Australians: A quasi-experimental approach

Work conditions such as job demand can impact individual sleep quality, and subsequently impact mental health. This study aims to investigate pathway effects of exogenous factors on mental health via sleep, and the direct effect of sleep quality on mental health in working Australians. We employ a novel method in public health studies, a quasi-experimental (instrumental variable) approach, which can address reciprocal relationships between sleep and mental health in order to estimate causal effect of sleep quality on mental health in a sample of 19,789 working Australians aged 25–64 from waves 2013, 2017, and 2021 of the Household, Income and Labour Dynamics in Australia (HILDA) survey data. We find that high job demand, as a valid instrument, adversely affects sleep quality, and the changes in sleep quality ultimately affect mental health of working Australians. These findings highlight the need for policies that address employment conditions by reducing high work demand or work pressure to mitigate poor sleep quality in the Australian workforce, ultimately improving workers' sleep quality and promoting better mental health, overall health outcomes and productivity.

Cognitive impairment and health-related quality of life amongst older Australians: evidence from a longitudinal investigation

IntroductionAustralia’s population is steadily growing older, with older persons expected to make up over 20% of the population by 2066. Ageing is strongly associated with a significant drop in cognitive ability, ranging from mild cognitive impairment to severe cognitive impairment (dementia). This study examined the association between cognitive impairment and health-related quality of life (HRQoL) in older Australians.MethodsTwo waves of longitudinal data from the nationally representative Household, Income and Labour Dynamics in Australia (HILDA) survey were utilised, with the age cut-off for older Australians defined as above 50. The final analysis included 10,737 person-year observations from 6892 unique individuals between 2012 and 2016. This study utilised the Backwards Digit Span (BDS) test and Symbol Digit Modalities test (SDMT) to assess cognitive function. HRQoL was measured using the physical and mental component summary scores of the SF-36 Health Survey (PCS and MCS). Additionally, HRQoL was measured using health state utility values (SF-6D score). A longitudinal random-effects GLS regression model was used to analyse the association between cognitive impairment and HRQoL.ResultsThis study found that approximately 89% of Australian adults aged 50 or older had no cognitive impairment, 10.16% had moderate cognitive impairment, and 0.72% had severe cognitive impairment. This study also found that moderate and severe cognitive impairment were both negatively associated with HRQoL. Older Australians with moderate cognitive impairment scored worse on the PCS (β = − 1.765, SE = 0.317), MCS (β = − 1.612, SE = 0.326), and SF-6D (β = − 0.024, SE = 0.004) than peers without cognitive impairment given other covariates reference categories remain constant. Older adults experiencing severe cognitive had lower PCS (β = − 3.560, SE = 1.103), and SF-6D (β = − 0.034, SE = 0.012) scores compared to their counterparts with no cognitive impairment given other covariates reference categories remain constant.ConclusionWe found evidence that HRQoL is negatively associated with cognitive impairment. Our findings will be beneficial for the future cost-effectiveness intervention targeted at reducing cognitive impairment since it provides information on the disutility associated with moderate and severe cognitive impairment.

Financial Literacy and Self‐Employment

This article uses individual‐level data collected in the Household, Income and Labour Dynamics in Australia (HILDA) survey in 2016 to econometrically explore the direction of causation between financial literacy and self‐employment. The empirical approach is based on applying instrumental variables (IV) analysis in a three‐outcome labour supply model (i.e. self‐employment, employee employment and non‐employment) that controls for selection into employment. In keeping with a small number of studies, the analysis suggests that there is a positive relationship between financial literacy and self‐employment. The analysis also suggests that the likely causal direction is from financial literacy to self‐employment. However, this is also found for employee employment. Therefore, policies aimed at increasing financial literacy will likely not only increase self‐employment but also employee employment. This suggests that financial literacy may be a form of “general human capital,” such as education, work experience or training. However, the impact of financial literacy on self‐employment is not larger (more positive) for self‐employment compared to employee employment. Clearly much more research is needed to understand the numerous relationships between financial literacy and other labour market outcomes.

Functional limitation as a mediator of the relationship between multimorbidity on health-related quality of life in Australia: evidence from a national panel mediation analysis.

The inverse relationships between chronic disease multimorbidity and health-related quality of life (HRQoL) have been well-documented in the literature. However, the mechanism underlying this relationship remains largely unknown. This is the first study to look into the potential role of functional limitation as a mediator in the relationship between multimorbidity and HRQoL. This study utilized three recent waves of nationally representative longitudinal Household, Income, and Labor Dynamics in Australia (HILDA) surveys from 2009 to 2017 (n = 6,814). A panel mediation analysis was performed to assess the role of functional limitation as a mediator in the relationship between multimorbidity and HRQoL. The natural direct effect (NDE), indirect effect (NIE), marginal total effect (MTE), and percentage mediated were used to calculate the levels of the mediation effect. This study found that functional limitation is a significant mediator in the relationship between multimorbidity and HRQoL. In the logistic regression analysis, the negative impact of multimorbidity on HRQoL was reduced after functional limitation was included in the regression model. In the panel mediation analysis, our results suggested that functional limitation mediated ~27.2% (p < 0.05) of the link between multimorbidity and the composite SF-36 score for HRQoL. Functional limitation also mediated the relationship between the number of chronic conditions and HRQoL for each of the eight SF-36 dimensions, with a proportion mediated ranging from 18.4 to 28.8% (p < 0.05). Functional status has a significant impact on HRQoL in multimorbid patients. Treatment should concentrate on interventions that improve patients' functioning and mitigate the negative effects of multimorbidity.

Socioeconomic Inequality in Hearing Impairment Among Working-Age Australians: Evidence From a Cross-Sectional and Longitudinal Analyses.

The objective of this study was to analyze the spatial and temporal association between socioeconomic gradient in hearing impairment among working-age Australians. We modeled the cross-sectional and longitudinal associations between individual- and area-level socioeconomic status (SES) and hearing impairment among working-age Australians using longitudinal data from the Household, Income and Labour Dynamics in Australia (HILDA) Survey for 10,719 working-age adults aged between 15 and 64 years surveyed between 2008 and 2018. Associations between self-reported hearing impairment and education, income, employment status, and area-level SES were estimated using a multivariate logistic regression model and Cox proportional hazards regression, controlling for age, sex, and a range of other sociodemographic factors. Among 10,719 participants, the prevalence of hearing impairment was higher among individuals with lower income, occupational status and socioeconomic disadvantage. The odds ratio (OR) of those with the lowest income quintile versus highest income quintile (OR = 2.10, 95% confidence interval [CI] = 1.40 to 3.14); for blue-collar occupation versus white-collar (OR = 1.92, 95% CI = 1.39 to 2.66) and most disadvantaged area quintile versus most advantaged area quintile (OR = 1.76, 95% CI = 1.10 to 2.83) were associated with higher odds of prevalence of hearing impairment. For the 10,046 participants without hearing loss at baseline, income quintile 1 versus quintile 5 (hazard ratio [HR] = 1.44, 95% CI = 1.33 to 1.56), ≤ year 11 versus ≥ bachelor's degree (HR = 2.15, 95% CI = 1.98-2.34) blue-collar occupation versus white collar (HR = 1.15, 95% CI = 1.07 to 1.25) and most disadvantaged area quintile versus most advantaged quintile (HR = 1.49, 95% CI = 1.37 to 1.63) was positively associated with incident hearing impairment. Lower individual-level and area-level SES was associated with an increased risk of prevalence and incidence of hearing impairment among working-age Australians. These findings are particularly concerning since working-age Australians are mostly not eligible for socially subsidized hearing-related health care in Australia. This lack of access to affordable hearing services could exacerbate the negative consequences of hearing impairment and increase social inequality.

Taking the long view: Long‐term couple earnings arrangements across the transition to parenthood

AbstractThis paper examines household earnings arrangements and parenthood. Previous research has shown that parenthood is associated with a motherhood wage penalty with women withdrawing from the labour market or reducing their work hours. But few studies have examined within‐couple relative earnings and breadwinning arrangements across the transition to parenthood. We identify three types of households—“female‐breadwinner households” (where women earn more than 60 per cent of the couple's annual labour income); “male‐breadwinner households” (where women earn less than 40 per cent of the joint income); and “equal‐earner households” (where women earn 40 per cent to 60 per cent of the joint income). Using longitudinal data from the Household Income and Labour Dynamics in Australia (HILDA) Survey and fixed effects models, we find a substantial decrease in the percentage of couples in equal‐earner households in the year prior to and after parenthood that is largely replaced by an increase in the percentage in male‐breadwinner households. We observe little return to pre‐parenthood earnings arrangements for equal‐earner and male‐breadwinner households. For female‐breadwinner households, we observe a gradual return to pre‐parenthood arrangements. These results provide evidence that parenthood is a major milestone contributing to gender inequality and highlight the importance of policies for reducing the impact of parenthood on women's earnings.

The association between unpaid labour and mental health in working-age adults in Australia from 2002 to 2020: a longitudinal population-based cohort study.

Unpaid labour is a daily part of most people's lives, none more so than for women. Yet, in comparison to paid work, the effect of unpaid labour on mental health is an under-researched area. This study aims to address key gaps in the extant literature, examining how unpaid labour is associated with mental health in working-age men and women, and whether gender differences exist. In this longitudinal population-based cohort study, 19 waves of the Household, Income, and Labour Dynamics in Australia (HILDA) survey were used to employ a fixed effects regression analysis to examine the associations between unpaid labour and mental health in working-age (aged 25-64 years) Australian adults. Mental health was assessed using the MHI-5 scale. Both the individual and the combined effects of four different domains of unpaid labour (household work, childcare, care for adults, and outdoor tasks) were interrogated, as were the gender differences. Of the 37 352 participants (297 036 observations) in waves 2002-20 of the HILDA Survey, 22 832 people (190 207 observations) were aged 25-64 years, and after excluding participants with missing data, 21 014 participants (150 163 observations) were included in the analysis. Increasing time in household work was negatively associated with mental health in both men (β coefficient=-0·026 [95% CI -0·04 to -0·01]) and women (β coefficient=-0·009 [-0·02 to 0·001]), as was care for adults (disabled or older people) in women (β coefficient=-0·027 [-0·04 to -0·01]). Conversely, increasing time in childcare for women (β coefficient=0·016 [0·01 to 0·02]) and outdoor tasks for men, was positively associated with mental health (β coefficient=0·067 [0·04 to 0·09]). A null finding for the overall cumulative total unpaid labour exposure for both men and women was probably attributable to the opposing direction of effects between the individual domains that constituted the total load. This study reveals considerable variance and nuance in how different domains of unpaid labour affect mental health, as well as continued inequity in the division of unpaid labour in households, with women doing considerably more unpaid labour than men. This study also exposes important challenges associated with measuring and understanding total (combined) unpaid labour as a determinant of health. University of Melbourne Research Training Scholarship, Australian Research Council Discovery Early Career Award, Australian Research Council Linkage Project.

The role of financial risk-taking attitude in personal finances and consumer satisfaction: evidence from Australia

PurposeFinancial risk-taking attitude (FRT) plays an important role in consumers' financial decisions, thereby determining consumer well-being. Motivated by the recent research on consumer well-being, this paper explores the relationships between financial literacy, a propensity to plan (PTP), FRT, financial satisfaction and life satisfaction.Design/methodology/approachThe authors use the Household, Income and Labour Dynamics in Australia (HILDA) survey to achieve the purpose of this paper. Furthermore, the authors use the variance-based partial least square structural equation modeling (PLS-SEM), also known as the PLS path modeling approach to test our proposed hypotheses empirically.FindingsThe study finds a strong partial mediation of FRT between financial literacy and financial satisfaction. Moreover, the analyses reveal that a high PTP combined with a high FRT results in achieving high financial satisfaction, which leads to improved life satisfaction.Practical implicationsThe findings show the importance of creating financial plans in accordance with risk tolerance. While increasing financial literacy is relevant, the research suggests that tools that help consumers plan and invest in appropriate risky investments will lead to better outcomes.Originality/valueThough scholarly acumen of consumer well-being is rapidly developing, little remains known regarding the collective roles of financial literacy, PTP and FRT. The study addresses this gap by showing that financial literacy, risk-taking attitudes and planning propensities are all interconnected and necessary ingredients to improve financial and life satisfaction.