Associations between psychological capital, risk tolerance, and satisfaction: a study of Swedish solo self-employed workers

Introduction Solo self-employment is a non-standard work arrangement that can be organized in various ways, such as independent business ownership or gig-by-gig employment through umbrella companies. As this sector expands, understanding the personal resources linked to worker wellbeing is essential. This study utilizes the Conservation of Resources (COR) framework to examine how personal resources regarding psychological capital (hope, self-efficacy, resilience, optimism) and risk tolerance relate to job and life satisfaction. Methods The study analyzed cross-sectional survey data from 775 Swedish workers, distinguishing between independent business owners ( N = 510) and umbrella-contracted gig workers ( N = 265). Multi-group structural equation modelling was employed to compare how these personal resources relate to satisfaction outcomes across the two distinct employment forms. Results Results revealed that the relationships with job and life satisfaction were largely consistent across groups. Future-oriented resources, specifically hope and optimism, had the strongest positive associations with both job and life satisfaction. In contrast, self-efficacy and resilience played minor roles when modeled alongside other resources. Furthermore, although business owners reported higher risk tolerance, this attitude was negatively related to life satisfaction, and no significant non-linear (inverted-U) association was found. Discussion Despite the operational and legal differences between the studied groups, more similarities than differences were found in how personal resources relate to satisfaction outcomes. This suggests that the psychological mechanisms driving wellbeing remain relatively stable across different forms of solo self-employment, regardless of the specific employment form.