For Whom Money Matters Less: Social Connectedness as a Resilience Resource in the UK

Social Indicators Research
Lindsay Richards

Abstract

The current literature shows that both absolute and relative income are important for happiness, but there is little work emphasising how the strength of the relationship is dependent on personal and social factors. I hypothesise that social connectedness influences the money-happiness relationship because the effect of money is in part felt through the acquisition of social status, whereas status (and associated psychological benefits such as self-worth) can alternatively be gained through social connectedness. In particular, it is theorised that 'weak ties' when co-existing with good quality informal ties have a separable and additional benefit to subjective well-being, and that it is the socially isolated who have the most to gain from doing well financially. Social connectedness is conceptualised as a 'resilience resource' which has a buffering effect on subjective well-being. Data from the British Household Panel Survey are used, first to establish a measurement schema of connectedness using latent class analysis, and secondly in a multilevel model of life satisfaction with observations from seven consecutive years nested within individuals. The results show that connectedness makes a larger difference to satisfaction in t...Continue Reading

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Citations

Sep 24, 2020·International Journal of Nursing Practice·Gemma AburnMerryn Gott
Apr 20, 2021·Frontiers in Psychology·Vijyendra PandeyG Prabhu
Oct 5, 2021·The Journals of Gerontology. Series B, Psychological Sciences and Social Sciences·Miles G TaylorKendra Jason

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