Welcome to the Academy of Financial Service’s 2019 Annual Meeting being held in Minneapolis, Minnesota in conjunction with FPA’s Annual Conference 2019. This is the full agenda for AFS. For details on FPA items, visit their Full Schedule. Please report any errors to support@academyfinancial.org.
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Tuesday, October 15 • 11:30am - 12:20pm
C2b Underlying Dynamics in Life Satisfaction: Finite Mixture Model of Psycho-behavioral Characteristics and Health Risk Behaviors

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This study investigated the effects of psycho-behavioral characteristics, such as financial stress, health risk behavior, and self-efficacy, on level of life satisfaction by estimating the latent-subgroup differences using a finite mixture regression model. Results from this study describe profile of individuals struggling in multiple life situations that would affect each other and happen concurrently. The effects of financial stress, health risk behavior, and self-efficacy variables on life satisfaction differed by the detected four clusters. Compared to results from an Ordinary Least Square (OLS) regression, dynamics of certain variables were better identified when the relationship was analyzed by latent group characteristics. For example, marginal effect of smoking at different clusters offset each other, making the effect of the variable positive and significant effects of financial stress, alcohol, and locus of control financial stress, which varied by groups, became insignificant in the OLS model. The findings provide the importance of capturing difference between groups in analyzing the relationship between life satisfaction and psycho-behavioral characteristics, and suggest a need for intervention strategies to promote healthy coping mechanisms in response to life struggles. 

Author(s): Jae Min Min Lee, Wookjae Heo, Narang Park

avatar for Jae Min Lee

Jae Min Lee

Associate Professor, Minnesota State University, Mankato

Tuesday October 15, 2019 11:30am - 12:20pm CDT
201 B

Attendees (2)