Income, personality, and subjective financial well-being: The role of gender in their genetic and environmental relationships
Increasing levels of financial inequality prompt questions about the relationship between income and well-being. Using a twins sample from the Survey of Midlife Development in the United States and controlling for personality as core self-evaluations, we found that men, but not women, had higher sub...
| Main Authors: | , , , , |
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| Format: | Article |
| Language: | English |
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Frontiers Media S.A.
2015-09-01
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| Series: | Frontiers in Psychology |
| Subjects: | |
| Online Access: | http://journal.frontiersin.org/Journal/10.3389/fpsyg.2015.01493/full |
| _version_ | 1818064053758590976 |
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| author | Michael eZyphur Wen-dong eLi Zhen eZhang Richard D Arvey Adam eBarsky |
| author_facet | Michael eZyphur Wen-dong eLi Zhen eZhang Richard D Arvey Adam eBarsky |
| author_sort | Michael eZyphur |
| collection | DOAJ |
| description | Increasing levels of financial inequality prompt questions about the relationship between income and well-being. Using a twins sample from the Survey of Midlife Development in the United States and controlling for personality as core self-evaluations, we found that men, but not women, had higher subjective financial well-being when they had higher incomes. This relationship was due to ‘unshared environmental’ factors rather than genes, suggesting that the effect of income on subjective financial well-being is driven by unique experiences among men. Further, for women and men, we found that core self-evaluations influenced income and subjective financial well-being, and that both genetic and environmental factors explained this relationship. Given the relatively small and male-specific relationship between income and subjective financial well-being, and the determination of both income and subjective financial well-being by personality, we propose that policy makers focus on malleable factors beyond merely income in order to increase subjective financial well-being, including financial education and building self-regulatory capacity. |
| first_indexed | 2024-12-10T14:29:53Z |
| format | Article |
| id | doaj.art-e6a05970b65644ef9d04b2beba043181 |
| institution | Directory Open Access Journal |
| issn | 1664-1078 |
| language | English |
| last_indexed | 2024-12-10T14:29:53Z |
| publishDate | 2015-09-01 |
| publisher | Frontiers Media S.A. |
| record_format | Article |
| series | Frontiers in Psychology |
| spelling | doaj.art-e6a05970b65644ef9d04b2beba0431812022-12-22T01:44:58ZengFrontiers Media S.A.Frontiers in Psychology1664-10782015-09-01610.3389/fpsyg.2015.01493158428Income, personality, and subjective financial well-being: The role of gender in their genetic and environmental relationshipsMichael eZyphur0Wen-dong eLi1Zhen eZhang2Richard D Arvey3Adam eBarsky4University of MelbourneKansas State UniversityArizona State UniversityNational University of SingaporeUniversity of MelbourneIncreasing levels of financial inequality prompt questions about the relationship between income and well-being. Using a twins sample from the Survey of Midlife Development in the United States and controlling for personality as core self-evaluations, we found that men, but not women, had higher subjective financial well-being when they had higher incomes. This relationship was due to ‘unshared environmental’ factors rather than genes, suggesting that the effect of income on subjective financial well-being is driven by unique experiences among men. Further, for women and men, we found that core self-evaluations influenced income and subjective financial well-being, and that both genetic and environmental factors explained this relationship. Given the relatively small and male-specific relationship between income and subjective financial well-being, and the determination of both income and subjective financial well-being by personality, we propose that policy makers focus on malleable factors beyond merely income in order to increase subjective financial well-being, including financial education and building self-regulatory capacity.http://journal.frontiersin.org/Journal/10.3389/fpsyg.2015.01493/fullIncomegenderstructural equation modellingCore Self EvaluationsSurvey of Midlife Development in the United StatesSubjective Financial Well-being |
| spellingShingle | Michael eZyphur Wen-dong eLi Zhen eZhang Richard D Arvey Adam eBarsky Income, personality, and subjective financial well-being: The role of gender in their genetic and environmental relationships Frontiers in Psychology Income gender structural equation modelling Core Self Evaluations Survey of Midlife Development in the United States Subjective Financial Well-being |
| title | Income, personality, and subjective financial well-being: The role of gender in their genetic and environmental relationships |
| title_full | Income, personality, and subjective financial well-being: The role of gender in their genetic and environmental relationships |
| title_fullStr | Income, personality, and subjective financial well-being: The role of gender in their genetic and environmental relationships |
| title_full_unstemmed | Income, personality, and subjective financial well-being: The role of gender in their genetic and environmental relationships |
| title_short | Income, personality, and subjective financial well-being: The role of gender in their genetic and environmental relationships |
| title_sort | income personality and subjective financial well being the role of gender in their genetic and environmental relationships |
| topic | Income gender structural equation modelling Core Self Evaluations Survey of Midlife Development in the United States Subjective Financial Well-being |
| url | http://journal.frontiersin.org/Journal/10.3389/fpsyg.2015.01493/full |
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