Attitudes towards income: Implications for decision making in public administration

Abstract

Much of the debate over satisfaction with life has focused on the role of money. Some authors argue that absolute income levels are most important for happiness, while others argued that the connection between the two is more relative. The aim of this study was to find out the peculiarities of attitudes towards income in different groups of income and perceived socio-economic status in a representative sample of Lithuanian population (n=1001). The results of the study revealed statistically significant differences in financial satisfaction between different income quintile groups, with mean ranks in the lowest income quintile being more than twice lower than in the highest income quintile. The results of the study showed statistically significant differences in financial satisfaction between different groups of subjective socio-economic stratification, where the mean ranks in the subjectively poorest group were about five times lower than in the subjectively rich group. The results of the survey revealed that people who think they have enough money to meet their needs (10%) have higher scores on psychological prosperity, life satisfaction, self-efficacy, and psychological resilience. This group also showed higher earnings in euros per month. Persons who think that there is no shortage of money for living (59.8%) have statistically significantly higher scores on the 10-point happiness scale, life satisfaction, hope, self-efficacy, psychological resilience, optimism. Individuals who think that income enables good and healthy eating (35.4%) have statistically significantly higher estimates of happiness on a 10-point scale, as well as higher income in euros per month. Persons who think that income provides good housing conditions (31.4%) have statistically significantly higher happiness on a 10-point scale, as well as higher income in euros per month. Persons who think that income allows for a good rest, rebuilding power, seeing the world (7.9%) have statistically significantly higher happiness scores on the 10-point scale, as well as higher income in euros per month. Those who think that income enables education, learning, development (19.7%) have statistically significantly higher estimates of happiness on a 10-point scale, as well as higher income in euros per month. Our study suggests that if governments wish to improve well-being in their population, it would be good to develop policy measures directed at overcoming inequality. © Rushing Water Publishers Ltd. 2019.