The Determinants of Subjective Financial Satisfaction and the Moderating Roles of Gender and Marital Status

Utilizing a unique question on subjective financial satisfaction from the National Financial Capability Study, the goal of this research was to examine the demographic, socioeconomic, and behavioral determinants of financial satisfaction and the moderating roles of gender and marital status in these associations. Results from the ordered logistic regressions indicated that single women and divorcees of both genders reported significantly lower financial satisfaction than married counterparts and that widowed men were generally better off than married men. After documenting large adverse effects of divorce on reports of financial satisfaction, the gaps in financial satisfaction between married and divorced individuals were measured and compared by gender. Results are expected to help individuals, households, and financial professionals understand the perceived financial satisfaction effects of marital decisions.