Relative income, absolute income and the life satisfaction of older adults: do retirees differ from the non‐retired?

Boodoo, Muhammad Umar; Gómez, Rafael; Gunderson, Morley

doi:10.1111/irj.12052

Cited by 7 publications

(10 citation statements)

References 55 publications

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“…18 Our results about the relative importance of different reference groups can help to explain the findings by Boodoo et al (2014), for example. They find that the association of positional income and happiness is much stronger for non-retired individuals than retired.…”

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confidence: 78%

Positional Income Concerns: Prevalence and Relationship with Personality and Economic Preferences

2014

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Abstract This paper presents detailed evidence about who compares to whom in terms of relative income. We rely on representative survey data on the importance of income comparisons vis-à-vis seven reference groups, allowing us to exploit within-subject heterogeneity. We explore the prevalence and determinants of positional income concerns, investigating the role of personality and economic preferences. Our results establish robust relationships between positional income concerns and the personality traits agreeableness, conscientiousness, and neuroticism, some of which depend on the reference group. Furthermore, risk and fairness preferences are significantly correlated with positional income concerns. Terms of use: Documents in EconStor may

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confidence: 78%

Positional Income Concerns: Prevalence and Relationship with Personality and Economic Preferences

2014

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“…Given the interrelatedness of job and life satisfaction, it is not surprising that research has also found life satisfaction affecting gross wage, and vice versa (Dogan & Çelik, 2014). Boodoo, Gomez and Gunderson (2014) found that comparison wage, in particular, played a role in improving the life satisfaction of working individuals, while Haushofer and Fehr (2014) found that long-lasting inadequate wages could lead to a state of anxiety. Utility theory explains that higher wages may lead to higher overall satisfaction (Devereux & Engel, 2003), a sentiment that is mirrored by the income inequality theory (Hagerty & Veenhoven, 2003).…”

Section: Life Satisfaction Job Satisfaction Wage Satisfaction and Wage Levelmentioning

confidence: 99%

Do wage and wage satisfaction compensate for the effects of a dissatisfying job on life satisfaction?

Coning

Rothmann

Stander

2019

SA j. ind. psychol.

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Orientation: Research regarding subjective well-being (including life satisfaction and domain-specific satisfaction) is necessary, given the effects thereof on health, work performance, social relationships and ethical behaviour of employees.Research purpose: This study aimed to investigate the relationships among life satisfaction, job satisfaction and wage satisfaction, as well as how these relationships related to gross wage category in a South African sample.Motivation for the study: While research has shown that wage level and wage satisfaction are positively associated with both job and life satisfaction, the question arises whether wage level and satisfaction would compensate for the negative effect of a dissatisfying job on life satisfaction.Research approach/design and method: A cross-sectional design was used. A non-probability convenience sample (N = 763) in the form of the WageIndicator data set was obtained. Hierarchical log-linear analyses and cross-tabulations were carried out to determine the relationships that existed among the constructs.Main findings: Although job satisfaction and wage satisfaction were strongly related at a low level of wage satisfaction, fewer people were satisfied with their jobs at a high level of wage satisfaction level. Moreover, while job and life satisfaction were strongly related at a low level of job satisfaction level, relatively fewer people were satisfied with their lives at a high level of job satisfaction level. Wage dissatisfaction was associated with dissatisfaction with life but was more strongly associated with life satisfaction at a high level of wage satisfaction. Wage category and wage satisfaction did not interact with the job satisfaction level in affecting life satisfaction.Practical/managerial implications: Managers should attend to the perceptions of wage dissatisfaction at low wage and wage satisfaction levels. Such dissatisfaction may have a negative impact on the job and life satisfaction of employees and result in detrimental effects on employees and organisations.Contribution/value-add: This study contributes to scientific knowledge regarding the relationships between wage, wage satisfaction, job dissatisfaction and life satisfaction.

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“…A handful of recent studies assessed the influence of relative income on people's life satisfaction, independent of their absolute income level. The majority reported a positive relationship between relative income and life satisfaction [13,[20][21][22][23][24]. However, these studies defined relative income in a single dimension.…”

Section: Literature Reviewmentioning

confidence: 99%

“…Measures on relative income can be largely classified into two major categories: (1) an objective measure, such as absolute income level relative to the median or average income of an individual's community, city, state/province, or country of residence, or of an individual's gender, age, or education group [13,20,22,25], and (2) a subjective measure, such as self-perceived relative income level in comparison to a reference group [21,23,24,[26][27][28][29][30][31]. This study adopted a subjective relative income measure and further refined it by making a contrast with four different dimensions of one's social network.…”

Section: Literature Reviewmentioning

confidence: 99%

Relative Income and Life Satisfaction among Chinese Adults

Guan

Qiu

2019

Sustainability

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Life satisfaction is a key component of people’s subjective well-being. This study assessed the relationship between relative income and life satisfaction among Chinese adults, using data from a cross-sectional survey. Individual-level data (N = 1369) came from the 2016 China Genuine Progress indicator Survey (CGPiS) conducted in Beijing and Chengdu, China. Ordered logistic regressions were performed to examine the relationship between relative income and life satisfaction among CGPiS adult respondents. Respondents’ life satisfaction was positively associated with relative income in comparison to their relatives and friends but not associated with relative income in comparison to their residing community and city. Subgroup analyses replicated the findings among male respondents and respondents with good or excellent self-rated health. In contrast, female respondents’ life satisfaction was positively associated with relative income in comparison to their city of residence, but not associated with relative income in comparison to their relatives, friends, and residing community. Life satisfaction among those with poor or fair self-rated health was not associated with any of the four dimensions of relative income. Relative income in comparison to relatives and friends was positively associated with life satisfaction in Chinese adults. Future studies adopting a longitudinal or experimental design are warranted to replicate the findings.

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Relative income, absolute income and the life satisfaction of older adults: do retirees differ from the non‐retired?

Cited by 7 publications

References 55 publications

Positional Income Concerns: Prevalence and Relationship with Personality and Economic Preferences

Positional Income Concerns: Prevalence and Relationship with Personality and Economic Preferences

Do wage and wage satisfaction compensate for the effects of a dissatisfying job on life satisfaction?

Relative Income and Life Satisfaction among Chinese Adults

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