The Korean Journal of Community Living Science (한국지역사회생활과학회지)

The Korean Society of Community Living Science (한국지역사회생활과학회)
권호 표지
DOI QR코드

DOI QR Code

Effects of Economic Factors on Happiness: Moderating Effects of Financial Management

경제적 요인이 행복에 미치는 영향: 재무관리 요인의 조절효과를 중심으로

  • Park, Jooyung (Dept. of Consumer's life Information, Chungnam National University) ;
  • Song, Kyechung (School of Business, Chungnam National University) ;
  • Oh, Segu (School of Business, Chungnam National University)
  • 박주영 (충남대학교 소비자생활정보학과) ;
  • 송계충 (충남대학교 경영학부) ;
  • 오세구 (충남대학교 경영학부)
  • Received : 2015.02.14
  • Accepted : 2015.02.17
  • Published : 2015.02.27
Download PDF
⟨ Previous Next ⟩

Abstract

This study investigates the effects of economic factors on happiness in terms of life satisfaction, one of the most important goals in human life, and examines the moderating role of financial management in the effect of financial stress. Data were collected total 341 individuals in Daejeon, Korea(235 college students and 105 women). The factors influencing life satisfaction were analyzed multiple regression analysis. Effects of moderating variables were tested hierarchical regression analysis. Subjective financial stress was related to both individualistic happiness and collectivistic happiness, whereas objective financial stress had a negative effect only on collectivistic happiness. Financial management (specifically control of expenditure behaviors) had positive effects on both individualistic happiness and collectivistic happiness. Financial management moderated the relationship between financial stress and happiness. The results have important implications.

Keywords

References

  1. Chae SI(1999) Social research method and analysis (Second Addition): Hakhyunsa
  2. Compas BE(1987) Coping with stress during childhood and adolescence. Psychol Bull 101(3), 393-403 https://doi.org/10.1037/0033-2909.101.3.393
  3. Diener E, Sandvik E, Seidlitz L, Diener M(1993) The relationship between income and subjective well-being. Soc Indic Res 28, 195-223 https://doi.org/10.1007/BF01079018
  4. Diener E, Suh EM, Lucas RE, Smith HL(1999) Subjective well-being: Three decades of progress. Psychol Bull Vol 125(2), 276-302 https://doi.org/10.1037/0033-2909.125.2.276
  5. Grable JE, Joo SH(2006) Student racial differences in credit card debt and financial behaviors and stress. Coll Stud J 40, 400-408
  6. Grable JE, Park JY, Joo SH(2009) Explaining financial management behavior for koreans living in the united states. J Consum Aff 43(1), 80-107 https://doi.org/10.1111/j.1745-6606.2008.01128.x
  7. Hair JF Jr, Anderson RE, Tatham RL, Black WC(1995) Multivar data Anal (3rd ed). New York: Macmillan
  8. Health and Social Welfare Review(2013) Health Welf Issue & Focus 211 issue
  9. Health and Social Welfare Review(2014) Health Welf Issue & Focus 223 issue
  10. Heo GO, Park GY(2013) A study on the effect of risk tolerance and status quo bias on search behavior of financial information, financial management behavior and satisfaction for economic life of households. Financ Plan Rev 6(1), 1-26
  11. Jang YO, Jeong SR(2009) The influences of economic stress and coping behavior on the financial management behavior of housewives. J Korean Home Manag Assoc 27(3), 129-143
  12. Johnson W, Krueger RF(2006) How money buys happiness: Genetic and environmental processes linking finances and life satisfaction. J Personal and Soc Psychol 90(4), 680-691 https://doi.org/10.1037/0022-3514.90.4.680
  13. Kim JY(2009) Happiness : A new horizon of organizational behavior, Korean J Hum Resour Dev, 123-141
  14. Lee NC(2012) A Study on the structure of quality of life in OECD member countries Health & Soc Welf Rev 32(2), 5-40
  15. Lyubomirsky S, King, LA, Diener E(2005a) The benefits of frequent positive affect: does happiness lead to success? Psychol Bull 131, 803-855 https://doi.org/10.1037/0033-2909.131.6.803
  16. Lyubomirsky S, Sheldon KM, Schkade D(2005b) Pursuing happiness: The architecture of sustainable change. Rev of Gen Psychol 9, 111-131 https://doi.org/10.1037/1089-2680.9.2.111
  17. Naver(2013) Korea, happiness index 27th out of 36 developed countries. Available from http://news.naver.com/main/read.nhn?mode=LSD&mid=sec&sid1=101&oid=422&aid=0000012409
  18. Dusan Donga editorial department(2015) Donga new Korean dictionary: Dusan Donga
  19. Park JY, Grable JE, Seo JB(2010) The role of locus of control in shaping financial behavior: A comparison of models for Koreans and Americans. J Consum Stud 21(3), 263-288
  20. Park SW(1996) Financial problems and coping plan by the household financial management style. Thesis of Master Degree of the Graduate School of Ewha Womans University Dept. of Home Management
  21. Park YS, Kim EC(2009) Factor influencing happiness among Korean adults : The influence of occupational achievement, success of children, emotional support and self-efficacy. The Korean J Woman Psychol 14(3), 467-495 https://doi.org/10.18205/kpa.2009.14.3.009
  22. Pereira M.C., Coelho F(2013) Untangling the relationship between income and subjective well-being: The role of perceived income adequacy and borrowing constraints. J Happiness Stud 14, 985-1005 https://doi.org/10.1007/s10902-012-9365-z
  23. Price SJ, Price C., McKenry PC(2010) Families & change: Coping with stressful events and transitions, California: Sage publications
  24. Rashmita S, Mistry RS, Lowe ED, Benner AD, Chien N(2008) Expanding the Family Economic Stress Model: Insights from a Mixed-Method Approach. J Marriage and Family 70(1), 196-209 https://doi.org/10.1111/j.1741-3737.2007.00471.x
  25. Ryff CD, Keyes CL(1995) The structure of psychological well-being revisited. J Personal and Soc Psychol 69(4), 719-727 https://doi.org/10.1037/0022-3514.69.4.719
  26. Seligman M, Steen TA, Park N, Peterson C(2005) Positive psychology progress. Am Psychol 60(5), 410-421 https://doi.org/10.1037/0003-066X.60.5.410
  27. Seo JB, Kim JH, Yu JM(2009) The relationship between personality and subjective well-being: Focused on big 5 personality factors and BAS/BIS. Korean Psychol J Cult, 15(1) (a special issue), 169-186 https://doi.org/10.1177/1354067X08099620
  28. Seo JW, Kim MJ(2011) Dining out behavior and food taste preference under economic stress: Focus on undergraduate student consumers. J Foodserv Manag, 14(4), 45-63
  29. Seong EM, Kim GH(2013) The structural relationships analysis among happiness, personal traits, and environmental traits of adolescents using the structural equation modeling. Stud on Korean Youth 24(4), 177-202
  30. Shek DT(2005) Economic stress, emotional quality of life and problem behavior in Chinese adolescents with and without economic disadvantage. Soc Indic Res 71, 363-383 https://doi.org/10.1007/s11205-004-8028-9
  31. Sotol CJ, Luhmann M(2013) Who can buy happiness?: Personality traits moderate the effects of stable income differences and income fluctuations on life satisfaction. Soc Psychol and Personal 4, 46-53 https://doi.org/10.1177/1948550612444139
  32. Staw BM, Sutton RI, Pelled LH(1994) Employee positive emotion and favorable outcomes at the workplace. Organ Sci 5, 51-71 https://doi.org/10.1287/orsc.5.1.51
  33. Tellegen A, Lykken D, Bouchard TJ, Wilcox KJ, Segal NL, Rich S(1988) Personality similarity in twins reared apart and together. J Personal and Soc Psychol 54(6), 1031-1039 https://doi.org/10.1037/0022-3514.54.6.1031
  34. AH V, Ferry D(1980) Measuring and assessing organizations. New York: Wiley Interscience
  35. Veenhoven R, Hagerty M(2006) Rising happiness in nations 1946-2004. A reply to Easterlin. Soc Indic Res 79, 421-436 https://doi.org/10.1007/s11205-005-5074-x
  36. Yu MS, Jeong GS, Park SH, Cha JR, Hong GP(2013) Children's and Adolescents' Perceptions of Happiness. J Korean Home Manag Associ 31(3), 15-26 https://doi.org/10.7466/JKHMA.2013.31.3.015