The purpose of this paper is to gain knowledge between family wealth, positive outlook, and support from significant others, incorporating parents and friends, on self-efficacy and happiness. The partial least squared structural equation modeling (PLS-SEM) has been used to analyze the impact of family wealth, social support, and positive outlook on self-efficacy and one’s own happiness. From the statistical results there are five pivotal points that can be drawn. Firstly, parents’ support is much more important than support from friends for individuals’ happiness. Secondly, those who receive more support from parents the level of self-efficacy is usually higher. Thirdly, individuals belonging to less wealthy families develop a stronger level of self-efficacy. Fourthly, in order to develop a higher level of self-efficacy parents’ support is truly important especially for individuals that are in less fortunate wealthy families than those who are in a wealthier family. Lastly, for individuals in a wealthier family the positive linkage within happiness and self-efficacy was clearly stronger than those in a less wealthy family.
In conclusion, the final outcomes expressed that the role of parents’ support is related to a high level of happiness and less for one’s self-efficacy and happiness support from friends as money is not the ultimate answer for happiness and self-efficacy as well. Moreover, less wealthy families enjoyed a higher level of self-efficacy due to receiving enough support from their parents.
“PARENTS OR PEERS, WEALTH OR WARMTH?: THE IMPACT OF SOCIAL SUPPORT, WEALTH, AND A POSITIVE OUTLOOK ON SELF-EFFICACY AND HAPPINESS”. Assistant Prof. Dr. Vesarach Aumeboonsuke