Socioeconomic and process variables influencing households' satisfaction with future plans, financial status and quality of life

Date
1988
Authors
Mugenda, Olive
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Tahira K. Hira
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Altmetrics
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Family Environment
Abstract

The major objectives of this study were to (1) identify the demographic and economic factors that influence satisfaction with quality of life, (2) study the causal relationships between communication, money management practices, satisfaction with financial status and satisfaction with quality of life, and (3) ascertain whether financial planning, and satisfaction with future plans contribute to one's satisfaction with quality of life;The data used in this study were collected in 1986 as a follow-up study of household's solvency status done in a Midwestern town in 1982. The sample consisted of 123 personal interviews. The unit of analysis was the household;Path analysis was used to analyze the relationship between exogenous and endogenous variables. Results showed that income and financial knowledge were significant predictors of financial planning. In turn, having more financial planning activities led to high satisfaction with future plans. The main determinants of satisfaction with financial status were savings and net worth. Socioeconomic factors that significantly influenced satisfaction with quality of life were age, sex, household size, marital status and income. Satisfaction with financial status and future plans were also significant predictors of satisfaction with quality of life.

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