TY - JOUR
T1 - How does money make life meaningful? Socioeconomic status, financial self-efficacy, and meaning in life
AU - Ward, Sarah
AU - Kim, Jinhyung
N1 - Funding Information:
We would like to thank the research assistants who helped with data collection for these studies and Laura King and Lisa Jensen for financial support for our exploratory studies described in the supplement.
Publisher Copyright:
© 2022 Informa UK Limited, trading as Taylor & Francis Group.
PY - 2023
Y1 - 2023
N2 - Four experiments (N = 1,064) examined how primes enhancing the cognitive accessibility of money influence meaning in life (MIL) as a function of socioeconomic status (SES) and current financial self-efficacy. Study 1 demonstrated that financial self-efficacy mediated the association between SES and MIL following a prime of gaining money. In the control condition, SES was unrelated to financial self-efficacy, but following the prime of gaining money, SES was positively linked with financial self-efficacy, which in turn predicted enhanced meaning. Studies 2, 3a, and 3b demonstrated that primes of losing money similarly enhanced MIL as a function of SES and financial self-efficacy. Extending these results, exploratory analyses in Studies 3a and 3b suggested that money priming may influence occupational choices differently as a function of SES via MIL and financial self-efficacy. Reminders of money amplify the link between SES and financial self-efficacy, which bolsters MIL and can guide occupational preferences.
AB - Four experiments (N = 1,064) examined how primes enhancing the cognitive accessibility of money influence meaning in life (MIL) as a function of socioeconomic status (SES) and current financial self-efficacy. Study 1 demonstrated that financial self-efficacy mediated the association between SES and MIL following a prime of gaining money. In the control condition, SES was unrelated to financial self-efficacy, but following the prime of gaining money, SES was positively linked with financial self-efficacy, which in turn predicted enhanced meaning. Studies 2, 3a, and 3b demonstrated that primes of losing money similarly enhanced MIL as a function of SES and financial self-efficacy. Extending these results, exploratory analyses in Studies 3a and 3b suggested that money priming may influence occupational choices differently as a function of SES via MIL and financial self-efficacy. Reminders of money amplify the link between SES and financial self-efficacy, which bolsters MIL and can guide occupational preferences.
KW - Meaning in life
KW - financial self-efficacy
KW - money
KW - socioeconomic status
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U2 - 10.1080/17439760.2022.2154694
DO - 10.1080/17439760.2022.2154694
M3 - Article
AN - SCOPUS:85144139132
SN - 1743-9760
VL - 18
SP - 906
EP - 923
JO - Journal of Positive Psychology
JF - Journal of Positive Psychology
IS - 6
ER -