Speaker: Carol Graham, SPP
Abstract: In this article we use a large and nationally representative longitudinal data set from Australia, the HILDA panel, to explore the links between one of the least known dimensions of wellbeing – hope – and long-term outcomes in a range of areas of life arenas. Hope has agentic properties which are relevant to individuals’ future outcomes. The paper studies 25,000 randomly selected individuals over a period of 14 years (N>115,000). Using both pooled cross section data and fixed effects specifications, we find a strong link between high levels of hope and better contemporary and future outcomes in the wellbeing, economic, health and social arenas. We also find a persistence of hope within persons, which in turn likely helps drive outcome driven behavior over many years. Hope is associated with higher resilience, ability to adapt and internal locus of control. Respondents with high levels of hope were less likely to be affected by negative life events and shocks and adapted more quickly and completely after those events. People with hope also had a higher internal locus of control. Those with high levels of hope had higher levels of wellbeing, education, earning and employment outcomes, perceived and objective health indicators and are much less likely to be lonely than those with low levels of hope. Better understanding the determinants of hope and its drivers can ultimately inform the ability of both individuals and of public policy to improve people’s lives.