Income Evaluation and Happiness in the Case of an Income Decline

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Abstract

Income evaluation and happiness in a number of life domains of people who had experienced an income decline were studied. 800 Participants in a survey indicated whether they had sought information and had taken precautionary measures to mitigate the effects of the lower income. By using Categorical Principal Components Analysis on this data, two scales capturing their reported behavior were constructed. The scales significantly explained people's income evaluation and happiness, in addition to their household income, family composition, and reasons for the income drop. Conclusions for budget advice and education in household financial management were drawn. :
Original languageEnglish
Pages (from-to)467-484
Number of pages18
JournalKyklos
Volume60
Issue number4
DOIs
Publication statusPublished - 2007

Keywords

  • debt

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