Can Money Buy Happiness for a Family? Family Income, Parenting Style, and Life Satisfaction in Parents and Adolescents

This study investigated the associations among family income and life satisfaction in parents, and parenting styles, income, and overall happiness and depression in their adolescents. A total of 1,913 participants comprising adolescents (aged 14-16) and their parents were recruited for this study. Participants were assessed using self-report questionnaires. Monthly household income was recorded by an open-ended question item. The life satisfaction of parents and overall happiness of adolescents were assessed by one item each, rated on a 4-point Likert scale. Three subtypes of parenting style (affectionate, monitoring, over-control) were evaluated by adolescents using an inventory consisting of 21 items on a 4-point Likert scale. Adolescents' depression was assessed with a checklist rated by the adolescents, consisting of 10 items on a 4-point Likert scale. The odds ratio (OR) for life dissatisfaction in adults was significantly higher in the lower (1st and 2nd) quintile groups of household income, by 9.94 (p < .001) and 3.50 (p < .001) folds, respectively, compared to the highest (5th) group. In contrast, household income had no significant association with life unhappiness in adolescents. Further, total household income had no significant association with the adolescent's depression score in linear regression analysis, but parenting style did. While affectionate (beta = -0.260; p < .001) and monitoring (beta = -0.100; p < .001) parenting styles showed negative associations with adolescents' depression scores, over-control style (beta = 0.120; p < .001) showed a positive association. The results indicate the differences in factors impacting the life satisfaction of adults and happiness of adolescents, and the importance of effective parenting for adolescents' mental health.