Does Money Buy Happiness? Associations Between Family Wealth and Levels of Wellbeing of Young Australians

Abstract

Although widely portrayed as an egalitarian society, levels of wealth inequality are quite high in Australia. Families with high levels of wealth have more options in terms of where they can live, the schools their children can attend, and their social networks. Research shows that levels of wellbeing are related to personal wealth with wealthier individuals reporting higher levels of wellbeing than poorer individuals. Using data collected by the Household, Income and Labour Dynamics in Australia (HILDA) project, I examine the association between levels of family wealth and levels of wellbeing of four cohorts of young Australians aged between 15 and 18 years.