Faculty Sponsor: Maryam Gooyabadi
Live Poster Session: https://wesleyan.zoom.us/j/93919932492
Gavin Sendar
Gavin is a sophomore at Wesleyan University, majoring in Economics and Mathematics and minoring in Data Analysis. He is a member of the varsity golf team and is originally from Edina, Minnesota. He is particularly interested in real-world economic behavior.
Abstract:
Financial satisfaction reflects how individuals evaluate their current financial circumstances and is an important component of overall well-being. Prior research has shown that financial conditions and stress levels are closely tied to well-being, particularly in contexts of economic instability and income inequality. While higher income is generally associated with greater financial satisfaction, income alone does not fully explain how individuals perceive their financial situation. Subjective factors, such as how individuals compare their income to others and how they perceive changes in their financial situation over time, also play an important role. Evidence suggests that relative income and personal financial evaluations may be as important, or more important, than absolute income in shaping financial satisfaction.
Despite this, much of the existing literature focuses on overall life satisfaction rather than financial satisfaction specifically. Additionally, fewer studies account for factors such as employment status and education level or examine perceived financial trajectory alongside objective and relative measures. Considering these elements together may provide a more complete understanding of how individuals assess their financial well-being.
This analysis evaluates whether objective income, relative income perceptions, and perceived financial change are associated with financial satisfaction. Controlling for education level and employment status allows for an assessment of whether these associations persist independent of socioeconomic characteristics. This approach allows for a clearer assessment of whether subjective financial perceptions remain associated with financial satisfaction beyond objective economic factors.
Updated_201_Poster