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Income status and life satisfaction

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Income status and life satisfaction. / FitzRoy, Felix R.; Nolan, Michael A.

In: Journal of Happiness Studies, Vol. First Online, 11.05.2021.

Research output: Contribution to journalArticlepeer-review

Harvard

FitzRoy, FR & Nolan, MA 2021, 'Income status and life satisfaction', Journal of Happiness Studies, vol. First Online. https://doi.org/10.1007/s10902-021-00397-y

APA

FitzRoy, F. R., & Nolan, M. A. (2021). Income status and life satisfaction. Journal of Happiness Studies, First Online. https://doi.org/10.1007/s10902-021-00397-y

Vancouver

FitzRoy FR, Nolan MA. Income status and life satisfaction. Journal of Happiness Studies. 2021 May 11;First Online. https://doi.org/10.1007/s10902-021-00397-y

Author

FitzRoy, Felix R. ; Nolan, Michael A. / Income status and life satisfaction. In: Journal of Happiness Studies. 2021 ; Vol. First Online.

Bibtex - Download

@article{ceae8112a8914857b68b488543455979,
title = "Income status and life satisfaction",
abstract = "The importance of both income rank and relative income, as indicators of status, has long been recognised in the literature on life satisfaction and happiness. Recently, several authors have made explicit comparisons of the relative importance of these two measures of income status, and concluded that rank dominates to the extent that reference income becomes insignificant in regressions including both these explanatory variables, and that even absolute or household income, otherwise always positively related to happiness, may lose statistical significance. Here we test this hypothesis with a large UK panel (British Household Panel Survey and Understanding Society) for 1996–2017, split by age and retirement status, and find, contrary to previous results, that rank, household income and reference income are all usually important explanatory variables, but with significant differences between subgroups. This finding holds when rank is in its often-used relative form, and also with absolute rank.",
keywords = "Life satisfaction, Income rank, Relative income",
author = "FitzRoy, {Felix R.} and Nolan, {Michael A.}",
year = "2021",
month = may,
day = "11",
doi = "10.1007/s10902-021-00397-y",
language = "English",
volume = "First Online",
journal = "Journal of Happiness Studies",
issn = "1573-7780",

}

RIS (suitable for import to EndNote) - Download

TY - JOUR

T1 - Income status and life satisfaction

AU - FitzRoy, Felix R.

AU - Nolan, Michael A.

PY - 2021/5/11

Y1 - 2021/5/11

N2 - The importance of both income rank and relative income, as indicators of status, has long been recognised in the literature on life satisfaction and happiness. Recently, several authors have made explicit comparisons of the relative importance of these two measures of income status, and concluded that rank dominates to the extent that reference income becomes insignificant in regressions including both these explanatory variables, and that even absolute or household income, otherwise always positively related to happiness, may lose statistical significance. Here we test this hypothesis with a large UK panel (British Household Panel Survey and Understanding Society) for 1996–2017, split by age and retirement status, and find, contrary to previous results, that rank, household income and reference income are all usually important explanatory variables, but with significant differences between subgroups. This finding holds when rank is in its often-used relative form, and also with absolute rank.

AB - The importance of both income rank and relative income, as indicators of status, has long been recognised in the literature on life satisfaction and happiness. Recently, several authors have made explicit comparisons of the relative importance of these two measures of income status, and concluded that rank dominates to the extent that reference income becomes insignificant in regressions including both these explanatory variables, and that even absolute or household income, otherwise always positively related to happiness, may lose statistical significance. Here we test this hypothesis with a large UK panel (British Household Panel Survey and Understanding Society) for 1996–2017, split by age and retirement status, and find, contrary to previous results, that rank, household income and reference income are all usually important explanatory variables, but with significant differences between subgroups. This finding holds when rank is in its often-used relative form, and also with absolute rank.

KW - Life satisfaction

KW - Income rank

KW - Relative income

U2 - 10.1007/s10902-021-00397-y

DO - 10.1007/s10902-021-00397-y

M3 - Article

VL - First Online

JO - Journal of Happiness Studies

JF - Journal of Happiness Studies

SN - 1573-7780

ER -

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