Income and Mental Well-Being : Personality Traits as Moderators
Syren, S., Kokko, K., Pulkkinen, L., & Pehkonen, J. (2020). Income and Mental Well-Being : Personality Traits as Moderators. Journal of Happiness Studies, 21(2), 547-571. https://doi.org/10.1007/s10902-019-00076-z
Published inJournal of Happiness Studies
DisciplineBasic or discovery scholarshipTaloustiedePsykologiaGerontologia ja kansanterveysBasic or discovery scholarshipEconomicsPsychologyGerontology and Public Health
© 2019 the Authors
Using data from the participants of the Jyväskylä Longitudinal Study of Personality and Social Development (JYLS) at ages 42 and 50 (N = 326), this study provides empirical evidence of the relation between income and mental well-being and of the possible role of personality traits in modifying this relation. The relationships were analyzed using pooled ordinary least squares (OLS; bi- and multivariate settings) and fixed effects estimations (FE; multivariate settings). Positive bivariate associations were found between gross monthly income and the sum score of mental well-being and its separate dimensions (emotional, psychological, and social well-being and the absence of depression) as well as between experienced household finances and the sum score of mental well-being and its separate dimensions (except for social well-being). The multivariate OLS analyses detected positive relationships between gross monthly income and the absence of depression and between experienced household finances and mental well-being, along with one of its dimensions, i.e., emotional well-being. Further, the marginal utility of income appeared to depend on personality traits (FE): agreeableness and extraversion negatively moderated the gross monthly income–emotional well-being relationship, while openness positively moderated this relationship. In addition to emotional well-being, extraversion negatively moderated the relationship between gross monthly income and general mental well-being, and neuroticism negatively moderated the association between gross monthly income and social well-being. ...
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Additional information about fundingOpen access funding provided by University of Jyväskylä (JYU). The most recent data collection in the Jyväskylä Longitudinal Study of Personality and Social Development (JYLS) in 2009 was funded through Academy of Finland: award number 118316 was granted to Kokko and 127125 to Pulkkinen. Syrén also gratefully acknowledges financial support from the OP Group Research Foundation (project numbers 201500090, 201600189 and 20170093). ...
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