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Financial Situation and Its Consequences on the Quality of Life in the EU Countries

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  • Virag Havasi

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    Abstract

    There is no agreement in social sciences on the relationship between the objective and subjective side of the quality of life. The survey of Eurobarometer 72.1 conducted in 2009 provided data on different subjective and objective indicators of financial situation. Correlation analyses revealed, that linkages between them were not strong. A great amount of study examined the connections between financial situation and overall feeling of happiness. This study found that the context of the questions influences the magnitude of the effects of material conditions on subjective well-being. The satisfaction with financial situation explained more than twice of the variance of happiness in the Euraboramoter sample—whose main topic was inequalities- than in the fifth wave of the World Values Surveys sample- whose questions were more diverse. Multiple regression analyses indicated that there are differences between countries in the magnitude of the effects of material conditions on subjective well-being. This effect is smaller in the more postmaterialist countries. Copyright Springer Science+Business Media B.V. 2013

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    File URL: http://hdl.handle.net/10.1007/s11205-011-9901-y
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    Bibliographic Info

    Article provided by Springer in its journal Social Indicators Research.

    Volume (Year): 113 (2013)
    Issue (Month): 1 (August)
    Pages: 17-35

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    Handle: RePEc:spr:soinre:v:113:y:2013:i:1:p:17-35

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    Web page: http://www.springer.com/economics/journal/11135

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    Related research

    Keywords: Quality of life; Objective and subjective indicators; Financial situation; Postmaterialism;

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    1. Ed Diener & Jeff Horwitz & Robert Emmons, 1985. "Happiness of the very wealthy," Social Indicators Research, Springer, vol. 16(3), pages 263-274, April.
    2. Sen, Amartya, 1979. " Issues in the Measurement of Poverty," Scandinavian Journal of Economics, Wiley Blackwell, vol. 81(2), pages 285-307.
    3. Clark, Andrew E & Oswald, Andrew J, 1994. "Unhappiness and Unemployment," Economic Journal, Royal Economic Society, vol. 104(424), pages 648-59, May.
    4. Robert J. MacCulloch & Rafael Di Tella & Andrew J. Oswald, 2001. "Preferences over Inflation and Unemployment: Evidence from Surveys of Happiness," American Economic Review, American Economic Association, vol. 91(1), pages 335-341, March.
    5. Ruut Veenhoven, 1991. "Is happiness relative?," Social Indicators Research, Springer, vol. 24(1), pages 1-34, February.
    6. Ed Diener & Ed Sandvik & Larry Seidlitz & Marissa Diener, 1993. "The relationship between income and subjective well-being: Relative or absolute?," Social Indicators Research, Springer, vol. 28(3), pages 195-223, March.
    7. Buhmann, Brigitte, et al, 1988. "Equivalence Scales, Well-Being, Inequality, and Poverty: Sensitivity Estimates across Ten Countries Using the Luxembourg Income Study (LIS) Database," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 34(2), pages 115-42, June.
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