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Subjective Well-being and Family Investment: Based on CGSS Data

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DOI: 10.38007/Proceedings.0000469


Shaojun Wu

Corresponding Author

Shaojun Wu


As an important micro-component of society, household’s investment activities play an important role in economic development and structural optimization. The existing literature pays more attention to the impact of objective factors on family investment, but it is less concerned about how subjective factors affect household investment. This paper uses the 2015 CGSS survey data to assess the impact of subjective factors of residents' subjective well-being on their household’s investment. The study found that well-being significantly increased the probability of household’s investment activities. On average, subjective well-being increased by a standard deviation, and the probability of residents' family investment activities increased by about 0.885 percentage points. The findings in this paper mean that the Chinese government's administrative efforts to enhance the well-being of residents will provide endogenous motivation for sustained economic development in China.


Subjective well-being; Family investment; Probit model