IMPACT OF INCOME ON SUBJECTIVE WELL-BEING: DUAL INTERMEDIARY MECHANISM FOR FAMILY ECONOMIC SATISFACTION AND SENSE OF LIFE CONTROL

Author's Name: Weijie Wan
Subject Area: Social Science and Humanities
Subject Psychology
Section Research Paper

Keyword:

income, subjective well-being, family economy satisfaction, sense of life control


Abstract

Present study explores the impact of income on the two dimensions of subjective well-being (happiness and life satisfaction)and how that impact has changed over time in Chinese and American culture. In addition, it also explores the mediation mechanism of family economic satisfaction and sense of life control in the impact of income on subjective well-being. The results show that: (1) The dual intermediary model is stable across countries and across time; and the impact of income on sense of control can be fully explained by family economic satisfaction. (2) In the same country, the higher the income is, the higher happiness and life satisfaction will be. (3) America`s happiness and life satisfaction are significantly higher than those of China. (4) In Chinese culture at different times, although income can significantly predict happiness and life satisfaction, the predicted effect of income on the life satisfaction and happiness in 2012 is smaller than that in 2007.

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