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The purpose of this study is to examine the mediation effects of relationships of parent-child and between-peers based on the effects of economic difficulty on quality of life of elementary school students. Data was obtained from students (N= 493) at seven elementary schools in Choongbuk Province and analyzed with SPSS 12.0 and Structural Equation Modeling with AMOS 5.0. The major findings are as follows: economic difficulty gives a direct effect on elementary students' quality of life and is mediated with parent-child and between-peers relationships. Also, economic difficulty influences children's quality of life when a parent-child relationship is combined with a between-peers relationship. On the basis of these results, this study suggests that welfare centers and elementary schools have to teach students to have desirable sense of value. Also, schools need to provide education programs for parents to improve parent-child relationship and various activities for students to develop between-peers relationship.

The effect of economic difficulty on children's quality of life - focused on mediation effect of parent-child and peer relationships -