21 (for a discussion of the importance of this small correlation coefficient between income and life satisfaction, see Lucas & Schimmack, 2009).
Lucas and Dyrenforth (2006), upon reviewing existing research, concluded that the correlation between income and life satisfaction is in the range of. Cross-cultural research using the World Values survey has shown a similar pattern across various cultures ( Diener & Oishi, 2000). Diener & Biswas-Diener, 2002 Diener & Oishi, 2000 Stevenson & Wolfers, 2008). These studies consistently show that individuals with high incomes experience a higher level of life satisfaction than those with low incomes (e.g.
Most early research on the links between life satisfaction and income has used cross-sectional designs to investigate the between-person association between these constructs. The current study investigates one potential reason for the discrepancy between intuition and reality.Įxisting Research on Income and Life Satisfaction Despite this intuition, however, much research has shown that the association between income and happiness tends to be relatively small in size. In addition, income provides opportunities for individuals to satisfy more idiosyncratic desires, which means it could potentially provide more ways for them to become satisfied ( Diener, Lucas, Schimmack, & Helliwell, 2009). For instance, people with high incomes are more likely to have better health (Adler et al., 1994 Ecob & Smith, 1999 Marmot, 2002), a higher standard of living ( Argyle, 1999), and better housing ( Argyle, 1999). Intuitively, income should be moderately to strongly linked with life satisfaction because income predicts many additional factors that would be expected to be associated with subjective well-being. Income has long been of interest to psychologists, economists, and laypeople alike. A major goal of research on life satisfaction is to examine the factors that predict it and the processes that underlie it. Life satisfaction is the subjective global evaluation of whether one is content, satisfied, and/or happy about one’s life.
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