The relation of economic factors to perceived stress in mobile families

Berger, Peggy S.; Powell, Judith A.; Cook, Alicia Skinner

doi:10.1007/bf00986748

Cited by 14 publications

(20 citation statements)

References 20 publications

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“…When undergraduate and graduate students are worried about their debt levels or their ability to pay their bills, they also report poorer mental health (Roberts, Golding, Towell, & Weinreb, 1999), more depression, anxiety, and suicidal thoughts (Hodgson & Simoni, 1995), and lower life satisfaction and greater stress (Norvilitis et al., 2003). Similar results occur in samples of adults, with more stress (Berger, Powell, & Cook, 1988) and postnatal depression (Reading & Reynolds, 2001) reported by those worried about debt. Although these findings might suggest that thrifty individuals experience higher well‐being, it may be thrifty individuals who are less satisfied with their debt levels.…”

Section: Thrift and Well‐beingsupporting

confidence: 76%

“…Regarding savings rates and well‐being, satisfaction with savings has been associated with less stress among women (Berger et al., 1988) and was among the strongest determinants of a measure of ‘general well‐being’ for two of three samples of German adult workers (Bergermaier, Borg, & Champoux, 1984). Barnes, Pase, and Van Leeuwen (1999) also found that women who reported that they regularly saved money reported lower stress and were more satisfied in their roles as mothers, wives, and workers.…”

Section: Thrift and Well‐beingmentioning

confidence: 99%

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Can Thrift Bring Well‐being? A Review of the Research and a Tentative Theory

Kasser

2011

Social & Personality Psych

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Contemporary forms of consumer capitalism encourage people to prioritize materialistic values, an orientation associated with lower personal well‐being. Such materialistic values stand in contrast to the economic attitude of thrift, which encourages saving, self‐sufficiency, reuse of goods, and avoiding debt. This article reviews the existing empirical literature on thrift and well‐being, finding it to be very contradictory, with studies showing positive, negative, and null associations between various operationalizations of well‐being and of thrift. A need‐based theory is presented to explain these inconsistent findings. The theory suggests that thrifty attitudes, behaviors, and lifestyles sometimes can work to satisfy psychological needs for safety/security, competence, relatedness, and autonomy (and thus promote well‐being) but sometimes interfere with satisfaction of these needs (and thus diminish well‐being). Empirical and anecdotal evidence is reviewed in support of this theory, and future directions for testing and refining it are proposed.

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Section: Thrift and Well‐beingsupporting

confidence: 76%

Section: Thrift and Well‐beingmentioning

confidence: 99%

Can Thrift Bring Well‐being? A Review of the Research and a Tentative Theory

Kasser

2011

Social & Personality Psych

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“…The measure of financial satisfaction used in this study was based on a multiple‐item scale that consisted of various dimensions on which the individual had to indicate their financial satisfaction levels. These dimensions were based on input from the literature (Berger, Powell, & Cook, ; Hira, ; Hira & Mugenda, ; Joo & Grable, ; Loibl & Hira, ; Loibl & Hira, ) and the exploratory interviews. The existing measures were adapted and modified for the purpose of this study.…”

Section: Research On Financial Satisfactionmentioning

confidence: 99%

Psychological biases of individual investors and financial satisfaction

Sahi

2017

J of Consumer Behaviour

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Traditional finance theory is based on the principle of maximization of utility and explains how choices are made by rational people. Although the theory provides numerous insights, observation of actual behavior of people was seen to be different from what the theory predicted. The homo economicus is in reality a homo sapien who has emotions and beliefs that help to filter the content from his or her environment. These beliefs and preferences that arise due to cognitive limitations, presence of emotions, and various psychological motives guide or bias his or her decisions. Much literature states that the biases should be corrected as they negatively impact financial behaviour and individual's well‐being. However, evolutionary psychology considers biases as design features of human mind. Thus, biases are not always bad, as at times, these biases can help the individual investor to choose the best course of action from the multiple possibilities and enable committing the less costly mistakes, thereby helping the individual to achieve satisficing behaviour. This paper aims to explore the investor biases and see whether they are related to the financial satisfaction of the individuals. Financial satisfaction is the measure of satisfaction with one's financial situation. The results showed that overconfidence bias, reliance on expert bias, and self‐control bias have a positive and significant association with financial satisfaction levels. Association of a few other biases with financial satisfaction was also observed under certain control conditions. This study provides further insights on investor behavior and paves the way for various possibilities for future research.

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“…Rutherford and Fox (2010) found that financial satisfaction should be measured using several items to capture respondents' feelings regarding their financial situation. Previous researchers (Berger, Powell, & Cook, 1988;Krannich, Riley, & Leffler, 1988;Lown & Ju, 1992 ) have suggested that the most economical and reliable measure of financial satisfaction appears to be a six-item index measuring one's satisfaction with level of income, level of savings, amount of money owed, money for family necessities, money for future needs of the family, and ability to handle financial emergencies. measured financial satisfaction with multiple items including satisfaction with (a) money Since financial satisfaction is not tied to having a specific amount of money, two people may feel different degrees of satisfaction when experiencing the same financial situation.…”

Section: The Concepts and Measurement Of Financial Wellness Financiamentioning

confidence: 99%

Pathways to financial success: Determinants of financial literacy and financial well-being among young adults

Sabri

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The relation of economic factors to perceived stress in mobile families

Cited by 14 publications

References 20 publications

Can Thrift Bring Well‐being? A Review of the Research and a Tentative Theory

Can Thrift Bring Well‐being? A Review of the Research and a Tentative Theory

Psychological biases of individual investors and financial satisfaction

Pathways to financial success: Determinants of financial literacy and financial well-being among young adults

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