Exploring the place of financial status in the good life: Income and meaning in life. Issue 3 (4th May 2019)

• Record Type: Journal Article
• Authors: Ward, Sarah J.; King, Laura A.
• Is Part Of: Journal of positive psychology. Volume 14:Issue 3(2019)
• Page Start: 312
• Page End: 323
• Publication Date: 2019-05-04
• Subjects: Meaning in life -- income -- socioeconomic status; Positive psychology -- Periodicals; Quality of life -- Psychological aspects -- Periodicals; Happiness -- Psychological aspects -- Periodicals; 158
• DOI: 10.1080/17439760.2017.1402075
• Languages: English
• ISSNs: 1743-9760

Abstract

Abstract: Two studies examined the association between income and meaning in life (MIL). Study 1 ( N = 781) demonstrated that income and other measures of financial status are positively associated with MIL and other aspects of well-being. The association between income and MIL was partially explained by autonomy, competence, and perceptions of control. Study 2 ( N = 123) examined people's forecasts of how financial status would affect their future well-being. Having a middle class or upper-middle class income in the future was expected to result in higher MIL, happiness, and need satisfaction than a life with a low income, showing that people perceive income as tied to meaning. These studies demonstrate how financial status can contribute to actual and expected MIL.