A meta-analysis of variables associated with financial satisfaction

Financial satisfaction serves as a foundational element of individuals' overall life satisfaction and well-being, enabling them to more effectively navigate economic challenges and contribute to the broader psychological and economic health of society. This study presents meta-analytic findings on the relationships between financial satisfaction and its demographic and financial determinants, encompassing 14 variables. Associations were synthesized across 626 independent samples from 151 studies with a combined 1689,572 participants. The findings indicate that financial variables are substantially stronger correlates of financial satisfaction than demographic variables. Among all variables examined, financial behavior showed the strongest positive association (r = .24) and the level of financial stress the strongest negative association (r = –.32), underscoring the central role of subjective and behavioral processes relative to fixed demographic traits. Among demographic characteristics, income showed the strongest positive association with financial satisfaction, while age, gender, education, homeownership, marital status, and having financial dependents displayed significant but generally modest effects. Notably, evidence on ethnicity rests exclusively on U.S. studies, highlighting the need for greater geographic diversity in this literature. The study further examines moderators, subgroup differences, publication bias, and outlier influence in clarifying these associations, and concludes by identifying key research gaps that warrant further investigation, including the underrepresentation of non-U.S. samples and inconsistent measurement of core constructs.