Correlational finding on Happiness and Total wealth
Subject code: P12ab01

StudyKim et al. (2012): study AU 2006
TitleCross-National Insights into the Relationship between Wealth and Wellbeing: A comparison between Australia, the United States of America and South Korea.
SourceAging and Society, 2012, Vol. 32, 41 - 59
DOIDOI:10.1017/S0144686X11000080
Public50+ aged general public, Australia, 2006
SampleProbability multi-stage random
Non-Response
Respondents N =1431

Correlate
Author's labelNet worth
Page in Source 53
Our classificationTotal wealth, code P12ab01
Operationalization
Net worth of total wealth: Total assets minus debt
Observed distributionFull sample: M = 366.54, SD = 632.80 Male: M = 403.16, SD = 674.42 Female: M = 334.94, SD = 593.170
Remarks
Equivaliyed net worth (i.e. divided by the square root 
of household size)

Observed Relation with Happiness
Happiness
Measure
StatisticsElaboration/Remarks
O-SLW-u-sq-n-11-db=+.06 p < .05
MEN

b controled for:
- incoome
O-SLW-u-sq-n-11-db=-.04 ns
b additionally controled for:
- satisfaction with wealth
O-SLW-u-sq-n-11-db=-.05 ns
O-SLW-u-sq-n-11-dBeta=-.23
Beta calculated by WDH team

b and Beta additionally controled for:
- age
- education
- partner status
- employment status
- medical conditions
- disability
O-SLW-u-sq-n-11-db=+.08 p < .01
WOMEN

b controled for:
- incoome
O-SLW-u-sq-n-11-db=-.03 ns
b additionally controled for:
- satisfaction with wealth
O-SLW-u-sq-n-11-db=-.04 ns
O-SLW-u-sq-n-11-dBeta=-.19
b and Beta additionally controled for:
- age
- education
- partner status
- employment status
- medical conditions
- disability


Appendix 1: Happiness measures used
CodeFull Text
O-SLW-u-sq-n-11-dSelfreport on single question:

All things considered, how satisfied are you with your life?
Again, pick a number between 0 and 10 to indicate how satisfied you are.
0 totally dissatisfied
1
2
3
4
5
6
7
8
9
10 totally satisfied


Appendix 2: Statistics used
SymbolExplanation
bREGRESSION COEFFICIENT (non-standardized) by LEAST SQUARES (OLS)
Type: test statistic
Measurement level: Correlate: metric, Happiness: metric
Theoretical range: unlimited

Meaning:
b > 0 A higher correlate level corresponds with a higher happiness rating on average.
B < 0 A higher correlate level corresponds with a lower happiness rating on average.
B = 0 Not any correlation with the relevant correlate.
Beta STANDARDIZED REGRESSION COEFFICIENT by LEAST SQUARES (OLS)
Type: test statistic.

Measurement level: Correlates: all metric, Happiness: metric.
Range: [-1 ; +1]

Meaning:
beta > 0 a higher correlate level corresponds to a higher happiness rating on average.
beta < 0 a higher correlate level corresponds to a higher happiness rating on average.
beta = 0 no correlation.
beta = + 1 or -1 perfect correlation.
Source:
Ruut Veenhoven, World Database of Happiness, Collection of Correlational Findings, Erasmus University Rotterdam.
https://worlddatabaseofhappiness.eur.nl