Money Buys Financial Security and Psychological Need Satisfaction: Testing Need Theory in Affluence
The most prominent theory to explain the curvilinear relationship between income and subjective well-being (SWB) is need theory, which proposes that increased income and wealth can lead to increased well-being in poverty because money is used to satisfy basic physiological needs. The present study t...
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| Veröffentlicht in: | Social indicators research 2013-01, Vol.110 (1), p.17-29 |
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| creator | Howell, Ryan T. Kurai, Mark Tam, Leona |
| description | The most prominent theory to explain the curvilinear relationship between income and subjective well-being (SWB) is need theory, which proposes that increased income and wealth can lead to increased well-being in poverty because money is used to satisfy basic physiological needs. The present study tests the tenets of need theory by proposing that money can buy happiness beyond poverty if the money satisfies higher-order needs. Findings indicate that in older adults (n = 1,284), as economic standing rises, so do individual perceptions of financial security (a safety need), which in turn increases overall life satisfaction. Further, a path model tested the degree to which financial security and psychological need satisfaction mediated the path from economic standing to life satisfaction and demonstrated the complete mediation through higher-order needs—there was a 66% reduction in the direct link through financial security and a 34% reduction through psychological need satisfaction. Discussion focuses on how these mediation and path models extend need theory. |
| doi_str_mv | 10.1007/s11205-010-9774-5 |
| format | Article |
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The present study tests the tenets of need theory by proposing that money can buy happiness beyond poverty if the money satisfies higher-order needs. Findings indicate that in older adults (n = 1,284), as economic standing rises, so do individual perceptions of financial security (a safety need), which in turn increases overall life satisfaction. Further, a path model tested the degree to which financial security and psychological need satisfaction mediated the path from economic standing to life satisfaction and demonstrated the complete mediation through higher-order needs—there was a 66% reduction in the direct link through financial security and a 34% reduction through psychological need satisfaction. 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The present study tests the tenets of need theory by proposing that money can buy happiness beyond poverty if the money satisfies higher-order needs. Findings indicate that in older adults (n = 1,284), as economic standing rises, so do individual perceptions of financial security (a safety need), which in turn increases overall life satisfaction. Further, a path model tested the degree to which financial security and psychological need satisfaction mediated the path from economic standing to life satisfaction and demonstrated the complete mediation through higher-order needs—there was a 66% reduction in the direct link through financial security and a 34% reduction through psychological need satisfaction. Discussion focuses on how these mediation and path models extend need theory.</description><subject>Achievement Need</subject><subject>Aging (Individuals)</subject><subject>Debt</subject><subject>Economic models</subject><subject>Economic security</subject><subject>Economic sociology</subject><subject>Economic Status</subject><subject>Economic theory</subject><subject>Economics</subject><subject>Elderly</subject><subject>Evidence</subject><subject>Financial securities</subject><subject>Happiness</subject><subject>Human Geography</subject><subject>Income</subject><subject>Life Satisfaction</subject><subject>Mediators</subject><subject>Medical Services</subject><subject>Microeconomics</subject><subject>Modeling</subject><subject>Need Gratification</subject><subject>Needs</subject><subject>Older Adults</subject><subject>Older people</subject><subject>Path Analysis</subject><subject>Physiology</subject><subject>Poverty</subject><subject>Psychological Needs</subject><subject>Psychological Theories</subject><subject>Public Health</subject><subject>Quality of life</subject><subject>Quality of Life Research</subject><subject>Resistance (Psychology)</subject><subject>Satisfaction</subject><subject>Securities issues</subject><subject>Security</subject><subject>Security (Psychology)</subject><subject>Social indicators</subject><subject>Social research</subject><subject>Social Sciences</subject><subject>Sociology</subject><subject>Sociology of economy and development</subject><subject>Standard of living. 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is need theory, which proposes that increased income and wealth can lead to increased well-being in poverty because money is used to satisfy basic physiological needs. The present study tests the tenets of need theory by proposing that money can buy happiness beyond poverty if the money satisfies higher-order needs. Findings indicate that in older adults (n = 1,284), as economic standing rises, so do individual perceptions of financial security (a safety need), which in turn increases overall life satisfaction. Further, a path model tested the degree to which financial security and psychological need satisfaction mediated the path from economic standing to life satisfaction and demonstrated the complete mediation through higher-order needs—there was a 66% reduction in the direct link through financial security and a 34% reduction through psychological need satisfaction. Discussion focuses on how these mediation and path models extend need theory.</abstract><cop>Dordrecht</cop><pub>Springer</pub><doi>10.1007/s11205-010-9774-5</doi><tpages>13</tpages></addata></record> |
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| subjects | Achievement Need Aging (Individuals) Debt Economic models Economic security Economic sociology Economic Status Economic theory Economics Elderly Evidence Financial securities Happiness Human Geography Income Life Satisfaction Mediators Medical Services Microeconomics Modeling Need Gratification Needs Older Adults Older people Path Analysis Physiology Poverty Psychological Needs Psychological Theories Public Health Quality of life Quality of Life Research Resistance (Psychology) Satisfaction Securities issues Security Security (Psychology) Social indicators Social research Social Sciences Sociology Sociology of economy and development Standard of living. Income Studies Theories Wealth Well Being Wellbeing |
| title | Money Buys Financial Security and Psychological Need Satisfaction: Testing Need Theory in Affluence |
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