Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/20267
Authors: 
Headey, Bruce
Wooden, Mark
Year of Publication: 
2004
Series/Report no.: 
IZA Discussion Papers 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
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