Measuring financial well-being over the lifecourse

J. Michael Collins and Carly Urban

The European Journal of Finance, 2020, vol. 26, issue 4-5, 341-359

Abstract: Financial well-being is a relatively new construct that attempts to measure subjective financial status and perceived future financial trajectory. Using a large public cross-sectional dataset, we find that a standardized financial well-being score generally tracks income, wealth, and participation in investment markets, as well as markers of positive and negative financial behavior. However, financial well-being measures attributes that are distinct from general subjective well-being and financial literacy measures, especially over the life course. Financial well-being can be a useful construct to include in new surveys but can also be proxied in existing public datasets, as we demonstrate using separate survey data.

Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:taf:eurjfi:v:26:y:2020:i:4-5:p:341-359

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DOI: 10.1080/1351847X.2019.1682631

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