How closely related are financial satisfaction and subjective well-being? Systematic review and meta-analysis

Financial satisfaction is considered to be one of the determinants of Subjective well-being (SWB), yet the assumption that financial satisfaction is closely associated with SWB has not been tested across nations. This first systematic review and meta-analysis examines the association between financial satisfaction and SWB and tests whether any association is affected by key operational and methodological factors. Following Cochrane and PRISMA guidelines, a systematic (Web of Science, Medline, Embase, PsycINFO and Google scholar) search was conducted (January 1980 to August 2019). Meta-analyses, meta-regressions and subgroup analysis using random-effects models were performed. 24 studies were included in the meta-analysis and the overall association between financial satisfaction and SWB was medium, significant and positive (pooled r= 0.41, 95% CI= 0.38 to 0.44; Q= 7108, I2= 99.7 %, p