2016-09-12

New Findings From the MIDUS Study: The Value of a Purposeful Life: Sense of Purpose Predicts Greater Income and Net Worth

New Findings From the MIDUS Study: The Value of a Purposeful Life: Sense of Purpose Predicts Greater Income and Net Worth Patrick L. Hilla, Nicholas A. Turianob, Daniel K. Mroczekc, Anthony L. Burrowd Journal of Research in Personality Available online 4 September 2016 http://dx.doi.org/10.1016/j.jrp.2016.07.003
Highlights •Having a sense of purpose appears adaptive for health and well-being. •We examined its association with economic success as well in MIDUS study. •Sense of purpose positively associated with initial household income and net worth. •Sense of purpose prospectively predicted gains on these outcomes over time. Abstract Having a sense of purpose in life appears valuable across life domains, though it remains unclear whether purpose also provides financial value to individuals. The current study examined sense of purpose as a predictor of concurrent and longitudinal income and net worth levels, using two waves of the MIDUS sample of adults (N = 4660 across both assessments). Participants who reported a higher sense of purpose had higher levels of household income and net worth initially, and were more likely to increase on these financial outcomes over the nine years between assessments. Interaction tests suggested some evidence of age moderation, but gender did not appear to moderate the influence of purpose on economic outcomes. MIDUS is available from #AgingData at NACDA
http://www.icpsr.umich.edu/icpsrweb/NACDA/series/203