Modelling Financial Satisfaction Across Life Stages: A Latent Class Approach
We explore the determinants of financial satisfaction using a modelling framework which allows the drivers of financial satisfaction to vary across life stages. Given that financial satisfaction is measured as an ordered variable, our modelling approach is based on a latent class ordered probit mode...
| Main Authors: | , , , |
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| Format: | Journal Article |
| Published: |
Elsevier
2014
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| Online Access: | http://purl.org/au-research/grants/arc/DP110101426 http://hdl.handle.net/20.500.11937/18280 |
| _version_ | 1848749699530489856 |
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| author | Brown, S. Durand, Robert Harris, Mark Weterings, T. |
| author_facet | Brown, S. Durand, Robert Harris, Mark Weterings, T. |
| author_sort | Brown, S. |
| building | Curtin Institutional Repository |
| collection | Online Access |
| description | We explore the determinants of financial satisfaction using a modelling framework which allows the drivers of financial satisfaction to vary across life stages. Given that financial satisfaction is measured as an ordered variable, our modelling approach is based on a latent class ordered probit model with an ordered probit class assignment function. Our analysis of household survey data indicates that four life stages are supported by the data. Our results suggest that such flexibility is important in understanding the drivers of financial satisfaction over the life cycle since there is a substantial amount of parameter heterogeneity across the four classes. |
| first_indexed | 2025-11-14T07:25:05Z |
| format | Journal Article |
| id | curtin-20.500.11937-18280 |
| institution | Curtin University Malaysia |
| institution_category | Local University |
| last_indexed | 2025-11-14T07:25:05Z |
| publishDate | 2014 |
| publisher | Elsevier |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | curtin-20.500.11937-182802019-10-31T05:50:06Z Modelling Financial Satisfaction Across Life Stages: A Latent Class Approach Brown, S. Durand, Robert Harris, Mark Weterings, T. Ordered probit Life cycle Latent class Financial satisfaction We explore the determinants of financial satisfaction using a modelling framework which allows the drivers of financial satisfaction to vary across life stages. Given that financial satisfaction is measured as an ordered variable, our modelling approach is based on a latent class ordered probit model with an ordered probit class assignment function. Our analysis of household survey data indicates that four life stages are supported by the data. Our results suggest that such flexibility is important in understanding the drivers of financial satisfaction over the life cycle since there is a substantial amount of parameter heterogeneity across the four classes. 2014 Journal Article http://hdl.handle.net/20.500.11937/18280 10.1016/j.joep.2014.09.001 http://purl.org/au-research/grants/arc/DP110101426 http://purl.org/au-research/grants/arc/DP140100748 Elsevier fulltext |
| spellingShingle | Ordered probit Life cycle Latent class Financial satisfaction Brown, S. Durand, Robert Harris, Mark Weterings, T. Modelling Financial Satisfaction Across Life Stages: A Latent Class Approach |
| title | Modelling Financial Satisfaction Across Life Stages: A Latent Class Approach |
| title_full | Modelling Financial Satisfaction Across Life Stages: A Latent Class Approach |
| title_fullStr | Modelling Financial Satisfaction Across Life Stages: A Latent Class Approach |
| title_full_unstemmed | Modelling Financial Satisfaction Across Life Stages: A Latent Class Approach |
| title_short | Modelling Financial Satisfaction Across Life Stages: A Latent Class Approach |
| title_sort | modelling financial satisfaction across life stages: a latent class approach |
| topic | Ordered probit Life cycle Latent class Financial satisfaction |
| url | http://purl.org/au-research/grants/arc/DP110101426 http://purl.org/au-research/grants/arc/DP110101426 http://hdl.handle.net/20.500.11937/18280 |