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Social Capital vs. Financial Capital as Predictors of Future Subjective Well-being: A 22-Year Within-person Analysis

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  • Mohsen Joshanloo

    (Keimyung University, Department of Psychology)

Abstract

This study examines the relative importance of social connectedness and income in predicting future subjective well-being. A longitudinal dataset spanning 22 years from more than 27,000 Australian adults was used. The data were analyzed using Bayesian multilevel modeling to account for the nested structure of repeated annual observations within individuals. The study focused on the lagged within-person effects of social connectedness and income on three dimensions of well-being: life satisfaction, positive affect, and negative affect. The results were consistent with the primacy of social connectedness over income in predicting subjective well-being in the next year. Changes in social connectedness were approximately two to four times stronger predictors of future changes in subjective well-being than were changes in income. In addition, increased well-being predicted improved future social connectedness and, to a much lesser extent, increased income. These findings highlight the importance of social connectedness for subjective well-being and suggest that cultivating it may be more effective in enhancing well-being than striving for increased income, while income remains a relevant factor.

Suggested Citation

  • Mohsen Joshanloo, 2026. "Social Capital vs. Financial Capital as Predictors of Future Subjective Well-being: A 22-Year Within-person Analysis," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 181(1), pages 1-23, January.
    • Handle: RePEc:spr:soinre:v:181:y:2026:i:1:d:10.1007_s11205-025-03770-z
    DOI: 10.1007/s11205-025-03770-z
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