PA STYLE - 2,000 WORD LIMIT ABSTRACT: 10 POINTS - Comprehensive - Covers all the key aspects of the AIM, METHOD, RESULTS and implications. -All appropriate figures need to be included INTRODUCTION: 30...

Research on relationship
w Financial well-being & subjective well-being
Research on relationship
w Financial well-being & subjective well-being
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Contents
1    Abstract    2
2    Introduction    2
3    Objective & Hypothesis    4
4    Method    5
5    Analysis of Results    7
6    Results    8
7    Implication    9
8    Conclusion    9
9    References    10
Abstract
By the virtue of this report, we have done an extensive analysis of concept financial well-being and how it is integral component to achieve overall happiness in life for any individual, which is connected to the happiness of entire family. Aim of this assignment is to find out if there is any relationship between Financial well-being and Subjective well-being. Furthermore, if there is a connection between Subjective Happiness and Financial well-being, what is the nature of the relationship and relevance in the life of a common person. In addition to that, the report also covers the method used to perform the research
Introduction
Financial Well-being is perception of security as they have enough capital to fulfil their dreams and meet their needs. Financial well-being is all about the control on the routine finances and having the freedom to select options that allows one to enjoy life. It is an area which is been researched under various academic domains like economics, psychology, financial counseling and marketing. “Acting for Happiness: Financial Behavior and Life Satisfaction of College Students” (Xiao, Tang & Shim, 2008) Financial well-being (FWB) can be explained using various approach like objective approach or subjective approach and an approach that can apply both of the above while defining it. In latter approach, financial well-being is considered as a concept composite of both subjective as well as objective dimensions. However, this approach seemingly lack the focus on the crux hence we generally take the concept Financial well-being either in subjective light or in objective light. While taking income and various other financial indicators as objectively without considering subjective nature of the problem at hand. For instance, financial ratios, knowledge and benchmark are considered as objective parameter of financial well-being. “Financial strategy”, (Ogilvie, J., 2008) another aspect that could be highlighted is the ability of the household to increase and manage liquidity. Although objective measure of comprehending the financial well-being gives, concrete evidence where an individual can be benchmarked subjective method is considered more in-depth since it also evaluates perceptions and sentiments of the individual in response to the financial situations. Subjective Wellbeing as a Social Indicator (Cummins, 2016) Subjective well-being (SWB) can be explained as a scientific concept that deals with the level of happiness and feeling of satisfaction in life. Individual's degree of subjective well-being is understood by considering both internal and external factors. For instance, factors that affect internally are personality, outlook and attitude while external factors are more the culture and society one lives in. Some of the key parameters that helps in determining the subjective well-being is individual's innate temperament, quantity and quality of social relationships, abilities to meet fundamental requirements and societies that we associate with. To certain degree, individuals adapt to situations such that over a period natural circumstances do not affect the happiness. Essentially, resultant of subjective well-being is co
espondent to the health and life expectancy of the individuals. People who are high in subjective well-being remain happy, are satisfied and more productive in comparison to people who are depressed, frustrated or stressed. “Happiness and economic performance”, (Oswald, A.J., 1997) there is many co
elations between the Financial well-being (FWB) and Subjective well-being (SWB) since both focuses on how a person perceives rather than objective categorization of the finances. Subjective nature evaluates not only personal factors like income levels but also changes relative to social groups of reference. “Financial well-being: A conceptualization and research agenda” (Brüggen, Hogreve, Holmlund, Kabadayi & Löfgren, 2017) what an individual possess and what one desires plays a significant role in molding the subjective evaluation. Moreover, what one possess with respect to other also influence the subjective assessments. A long-term approach is to assess financial well-being as factor of what he has at present and behaviors that will shape...