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Title:The Effects of Wealth and Income on Subjective Well-Being and Ill-Being PDF Logo
Authors:Headey, Bruce
Wooden, Mark
Issue Date:2004
Series/Report no.:IZA Discussion paper series 1032
Abstract:The accepted view among psychologists and economists alike is that household income has statistically significant but only small effects on measures of subjective well-being. Income, however, is clearly an imperfect measure of the economic circumstances of households. Using data drawn from the 2001 and 2002 waves of the Household, Income and Labour Dynamics in Australia (HILDA) Survey, this paper demonstrates that wealth, which can be viewed as providing a degree of economic security, is at least as important to well-being and ill-being as income.
Subjects:income
wealth
subjective well-being
life satisfaction
JEL:D19
Document Type:Working Paper
Appears in Collections:IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)

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