Future Orientation as a Mediator between Assets and Perceived Household Economic Stability: A Structural Equation Modeling Approach

Abstract

This article tests the mediation effects of future orientation in the relationship between assets and perceived economic stability. The first model, proposed by Sherraden, presents the direct effects of assets on perceived economic stability without any intermediary role of future orientation. The second model presents a model of asset effects on perceived economic stability that is fully mediated by future orientation as proposed by Shobe and Page-Adams. The authors propose a third model with a partial mediation role of future orientation. Using structural equation modeling, the authors test these hypotheses and find that the full mediation hypothesis is a better fit. The authors present a discussion for the further development of asset theory.

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