Individuals Demographic Differences and Financial Satisfaction: Evidence from Pakistan
Author(s)
Muhammad Nauman Sadiq , Raja Ased Azad khan , Muhammad Kamran Bashir ,
Download Full PDF Pages: 107-114 | Views: 1149 | Downloads: 383 | DOI: 10.5281/zenodo.3484283
Abstract
The purpose of this study was to examine the effect of demographic characteristics on the financial satisfaction of individual investors in Pakistan. Base on a sample of 118 individual investors, Chi-square test, was conducted to investigate that which demographic characteristics are associated with financial satisfaction. The study revealed investors age and family size has a significant effect on financial satisfaction. While investor gender, marital status, qualification, occupation, and income level has no influence on financial satisfaction. The present study is significant for the policymakers to understand the individual’s financial satisfaction levels according to their gender, age, academic qualification, income level, marital status, occupation, financial knowledge, and family size
Keywords
Demographic characteristics, Financial satisfaction, Individuals investors of Pakistan.
References
i. Bonke, J. (2008), “Income distribution and financial satisfaction between spouses in Europe”, Journal of Socio-Economics, Vol. 37, pp. 2291-303.
ii. Coskuner, Silda. (2016). Understanding Factors Affecting Financial Satisfaction: The Influence of Financial Behavior, Financial Knowledge and Demographics. Imperial Journal of Interdisciplinary Research (IJIR) Vol-2, Issue-5, 2016
iii. Diener, E., Sandvik, E., Seidlitz, L., & Diener, M. (1993). The relationship between income and subjective well-being: Relative or absolute? Social Indicators Research, 28, 195–223.
iv. Diener, E. and Biswas-Diener, R. (2005), “Psychological empowerment and subjective well-being”, in Narayan, D. (Ed.), Measuring Empowerment: Cross-disciplinary Perspectives, The World Bank, Washington, DC, pp. 125-40.
v. George, L. K. (1992). Economic status and subjective well-being: A review of literature and an agenda for future research. In N. E. Cutler, D. W. Gregg,&M. P. Lawton (Eds.), Aging, money, and life satisfaction: Aspects of financial gerontology (pp. 69-99). New York: Springer.
vi. George, L. K. (1993). Financial security in later life: The subjective side. Philadelphia: University of Pennsylvania.
vii. Hansen, T., Slagsvold, B. and Moum, T. (2008), “Financial satisfaction in old age: a satisfaction paradox or a result of accumulated wealth?”, Social Indicators Research, Vol. 89 No. 2, pp. 323-47.
viii. Headey, B., Veenhoven, R., & Wearing, A. (1991). Top-down versus bottom-up theories of subjective well-being. Social Indicators Research, 24, 81–100.
ix. Horley, J., & Lavery, J. J. (1995). Subjective well-being and age. Social Indicators Research, 34, 275–282.
x. Hira, T.K. and Mugenda, O. (1998), “Predictors of financial satisfaction: differences between retirees and non-retirees”, Financial Counseling and Planning, Vol. 9 No. 2, pp. 75-83.
xi. Joo, S., & Grable, J. E. (2004). An exploratory framework of the determinants of financial satisfaction. Journal of Family and Economic Issues, 25(1), 25-50. doi: 10.1023/B:JEEI.0000016722.37994.9f.
xii. La Barbera, P. A., & Gürhan, Z. (1997). The role of materialism, religiosity, and demographics in subjective well-being. Psychology & Marketing, 14, 71–97.
xiii. Loibl, C. and Hira, T.K. (2005), “Impact of self-directed financial learning on financial and career satisfaction of white-collar employees”, Financial Counseling and Planning, Vol. 16 No. 1, pp. 11-21.
xiv. Mammen, S., Helmick, S. A., & Metzen, E. J. (1983). Financial well-being and life satisfaction. In M. Dunsing (Ed.), Proceedings of the Midwest Symposium on Perceived Economic Well-Being (pp. 8-13). Urbana, IL: Agricultural Experiment Station, University of Illinois.
xv. Olson, G. I., & Schober, B. I. (1993). The satisfied poor. Social Indicators Research, 28, 173–193.
xvi. Prawitz, A. D., Garman, E. T., Sorhaindo, B., O’Neill, B., Kim, J., & Drentea, P. (2006) InCharge financial distress/financial well-being scale: development, administration, and score interpretation. Financial Counseling and Planning, 17, 34-50.
xvii. Pu, C., Huang, N., Tang, G.-J. and Chou, Y.-J. (2011), “When does poor subjective financial position hurt the elderly? Testing the interaction with educational attainment using a national representative longitudinal survey”, BMC Public Health, Vol. 11, p. 166.
xviii. Sadiq, M.N., Khan, R.A.A., Bashir, M.K., Ejaz, M. (2017). Impact of Psychological Biases of Investors in Financial Satisfaction. American Based Research Journal Vol-6-Issue-10 Oct-2017 ISSN (2304-7151)
xix. Shalini Kalra Sahi, (2013) "Demographic and socio‐economic determinants of financial satisfaction: A study of SEC‐A segment of individual investors in India", International Journal of Social Economics, Vol. 40 Issue: 2, pp.127-150, doi: 10.1108/03068291311283607
xx. Statistics Norway (2006). Økonomi og leveka°r for ulike grupper [Personal economy and housing conditions]. Retrieved, March 13, 2007, from http://www.ssb.no/emner/05/01/rapp_200708/ rapp_200708.pdf.
xxi. Vera-Toscano, E., Ateca-Amestoy, V. and Serrano-Del-Rosal, R. (2006), “Building financial satisfaction”, Social Indicators Research, Vol. 77 No. 2, pp. 211-43.
xxii. Xiao, J.J., Sorhaindo, B. and Garman, E.T. (2006), “Financial behaviours of consumers in credit counseling”, International Journal of Consumer Studies, Vol. 30, pp. 108-21.
xxiii. Xiao, J.J., Tang, C. and Shim, S. (2009), “Acting for happiness: financial behaviour and life satisfaction of college students”, Social Indicators Research, Vol. 92 No. 1, pp. 53-68.
xxiv. Zurlo, K.A. (2009), “Personal attributes and the financial well-being of older adults: the effects of control beliefs”, Population Aging Research Center – PARC working papers, available at: http://repository.upenn.edu/parc_working_papers/27/
Cite this Article: