Income Inequality in Childhood Predicts Financial Contingency of Self-worth and Well-being in Adulthood

• In Event: 3422 - Section on Aging and Life Course Refereed Roundtable Session
  In Refereed Roundtable 100min: Table 03. Early Life

Abstract

Previous research has examined the link between inequality and well-being (Odgers, 2015) and has proposed that greater upward social comparisons in the context of high inequality may help explain the negative association between inequality in the social context and subjective well-being (Cheung & Lucas, 2016). The present study is the first to specifically examine the role of actual income inequality in childhood, perceived income inequality in childhood, and Financial CSW in predicting well-being in adulthood. Results from two studies—one of a sample of diverse ages and one of a college-age sample—show that people who grow up in communities with greater income inequality are more likely to base their self-esteem on financial success and in turn, experience lower well-being. Furthermore, part of the reason why these individuals are less happy and satisfied with their lives is because they feel dissatisfied with their current financial status.

Authors

• Lora E. Park, State University of New York-Buffalo

• Kristen Schultz Lee, State University of New York-Buffalo

• Deborah E. Ward, State University of New York-Buffalo

• Paul K. Piff, University of California-Irvine