On being happy in uncertain economic times

Research output: A Conference proceeding or a Chapter in BookChapter

Abstract

Given the uncertain economic times over the past few years, the aim of this research was to investigate whether economic instability affected subjective well-being and if so how. The sample was 135 men and women from a stratified sample of adults living in metropolitan Western Australia. Using scores from the Satisfaction with Life Scale and the Short Happiness-Depression Inventory two happiness groups were formed: adults with high subjective well-being; and adults with lower subjective well-being. Group differences on homeownership, financial liquidity and stress, attitudes towards credit, pursuit of extrinsic goals were assessed. The results showed that income level per se did not make people happier, although not being able to make ends meet was associated with more unhappiness. Happier people were more likely to own their home, to pay off credit balances each month, pay rent/mortgage on time and could save even a small amount of money on a regular basis. Attitudes to credit, number of credit cards owned, and extrinsic life aspirations were not associated with levels of happiness. The results and applied implications of the study are discussed with an emphasis on promoting happiness and avoiding financial stress during times of economic uncertainty.

Original languageEnglish
Title of host publicationEconomic Growth in the 21st Century
Subtitle of host publicationPerspectives, Role of Governmental Policies, Potential and Constraints
PublisherNova Science Publishers Inc
Chapter7
Pages163-190
Number of pages28
ISBN (Electronic)9781633215993
ISBN (Print)9781633215894
Publication statusPublished - 1 Jan 2014

Fingerprint

Happiness
Economics
Credit
Subjective well-being
Credit cards
Mortgages
Income level
Economic uncertainty
Aspiration
Liquidity
Economic instability
Rent
Home ownership
Western Australia

Cite this

Kelty, S. (2014). On being happy in uncertain economic times. In Economic Growth in the 21st Century: Perspectives, Role of Governmental Policies, Potential and Constraints (pp. 163-190). Nova Science Publishers Inc.
Kelty, Sally. / On being happy in uncertain economic times. Economic Growth in the 21st Century: Perspectives, Role of Governmental Policies, Potential and Constraints. Nova Science Publishers Inc, 2014. pp. 163-190
@inbook{b37bd7ce467b49acaea10cddcaaa619b,
title = "On being happy in uncertain economic times",
abstract = "Given the uncertain economic times over the past few years, the aim of this research was to investigate whether economic instability affected subjective well-being and if so how. The sample was 135 men and women from a stratified sample of adults living in metropolitan Western Australia. Using scores from the Satisfaction with Life Scale and the Short Happiness-Depression Inventory two happiness groups were formed: adults with high subjective well-being; and adults with lower subjective well-being. Group differences on homeownership, financial liquidity and stress, attitudes towards credit, pursuit of extrinsic goals were assessed. The results showed that income level per se did not make people happier, although not being able to make ends meet was associated with more unhappiness. Happier people were more likely to own their home, to pay off credit balances each month, pay rent/mortgage on time and could save even a small amount of money on a regular basis. Attitudes to credit, number of credit cards owned, and extrinsic life aspirations were not associated with levels of happiness. The results and applied implications of the study are discussed with an emphasis on promoting happiness and avoiding financial stress during times of economic uncertainty.",
keywords = "Credit attitudes, Financial stress, Subjective well-being",
author = "Sally Kelty",
year = "2014",
month = "1",
day = "1",
language = "English",
isbn = "9781633215894",
pages = "163--190",
booktitle = "Economic Growth in the 21st Century",
publisher = "Nova Science Publishers Inc",
address = "United States",

}

Kelty, S 2014, On being happy in uncertain economic times. in Economic Growth in the 21st Century: Perspectives, Role of Governmental Policies, Potential and Constraints. Nova Science Publishers Inc, pp. 163-190.

On being happy in uncertain economic times. / Kelty, Sally.

Economic Growth in the 21st Century: Perspectives, Role of Governmental Policies, Potential and Constraints. Nova Science Publishers Inc, 2014. p. 163-190.

Research output: A Conference proceeding or a Chapter in BookChapter

TY - CHAP

T1 - On being happy in uncertain economic times

AU - Kelty, Sally

PY - 2014/1/1

Y1 - 2014/1/1

N2 - Given the uncertain economic times over the past few years, the aim of this research was to investigate whether economic instability affected subjective well-being and if so how. The sample was 135 men and women from a stratified sample of adults living in metropolitan Western Australia. Using scores from the Satisfaction with Life Scale and the Short Happiness-Depression Inventory two happiness groups were formed: adults with high subjective well-being; and adults with lower subjective well-being. Group differences on homeownership, financial liquidity and stress, attitudes towards credit, pursuit of extrinsic goals were assessed. The results showed that income level per se did not make people happier, although not being able to make ends meet was associated with more unhappiness. Happier people were more likely to own their home, to pay off credit balances each month, pay rent/mortgage on time and could save even a small amount of money on a regular basis. Attitudes to credit, number of credit cards owned, and extrinsic life aspirations were not associated with levels of happiness. The results and applied implications of the study are discussed with an emphasis on promoting happiness and avoiding financial stress during times of economic uncertainty.

AB - Given the uncertain economic times over the past few years, the aim of this research was to investigate whether economic instability affected subjective well-being and if so how. The sample was 135 men and women from a stratified sample of adults living in metropolitan Western Australia. Using scores from the Satisfaction with Life Scale and the Short Happiness-Depression Inventory two happiness groups were formed: adults with high subjective well-being; and adults with lower subjective well-being. Group differences on homeownership, financial liquidity and stress, attitudes towards credit, pursuit of extrinsic goals were assessed. The results showed that income level per se did not make people happier, although not being able to make ends meet was associated with more unhappiness. Happier people were more likely to own their home, to pay off credit balances each month, pay rent/mortgage on time and could save even a small amount of money on a regular basis. Attitudes to credit, number of credit cards owned, and extrinsic life aspirations were not associated with levels of happiness. The results and applied implications of the study are discussed with an emphasis on promoting happiness and avoiding financial stress during times of economic uncertainty.

KW - Credit attitudes

KW - Financial stress

KW - Subjective well-being

UR - http://www.scopus.com/inward/record.url?scp=84952892692&partnerID=8YFLogxK

UR - http://www.mendeley.com/research/economic-growth-selfconsumption-oil-producing-countries-empirical-evidence-perspectives

M3 - Chapter

SN - 9781633215894

SP - 163

EP - 190

BT - Economic Growth in the 21st Century

PB - Nova Science Publishers Inc

ER -

Kelty S. On being happy in uncertain economic times. In Economic Growth in the 21st Century: Perspectives, Role of Governmental Policies, Potential and Constraints. Nova Science Publishers Inc. 2014. p. 163-190