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Building Financial Satisfaction

Author

Listed:
  • Esperanza Vera-Toscano

  • Victoria Ateca-Amestoy
  • Rafael Serrano-del-Rosal

Abstract

This paper aims to contribute further research on the conceptualization of individual financial satisfaction as a particular domain of satisfaction with life as a whole. Based on the 2003 Survey on Living Conditions and Poverty for Andalucía (Spain) and using a self-reported measure of welfare, ordered probit models are used to analyze the extent to which individual financial satisfaction can be solely explained by income in absolute terms, or alternatively, by taking into account the importance of relative income in its two dimensions: (1) personal aspirations as individual's adaptation to previous and future income levels (intra-individual comparisons), and (2) social comparisons as individual's concern for her peer's income (inter-personal dependency).

Suggested Citation

  • Esperanza Vera-Toscano & Victoria Ateca-Amestoy & Rafael Serrano-del-Rosal, 2004. "Building Financial Satisfaction," IESA Working Papers Series 0412, Institute for Social Syudies of Andalusia - Higher Council for Scientific Research.
    • Handle: RePEc:esa:iesawp:0412
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    File URL: http://www.avantine.com/iesa/control/upfiles/finantial.pdf
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    JEL classification:

    • D60 - Microeconomics - - Welfare Economics - - - General
    • I30 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being

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