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Homeownership, Family Composition and Subjective Wellbeing

Background of The Relation Between Financial and Subjective Wellbeing

According to Wu, Stephens, and Wang (2019), the consumption of the products is causing harm to environmental sustainability and people’s subjective wellbeing. This is due to the promotion of materialistic goals. In other words, nowadays society is being more money-oriented and concerned about material possessions. On the other hand, subjective wellness includes the description of people’s experiences that they have in both emotional reactions and the cognition according to those emotions. The financial stress is a state that signifies that being more addicted to society and the money-oriented approach prevailing in today’s world (Vosloo, Fouche, and Barnard, 2014). It has proved by many studies that the performance of an individual is affected negatively by financial stress and vice versa. According to Sabri (2019) financial literacy has the greatest effect on financial management which further enhances the level of the wellbeing of the people. Robert Cummins in the paper, (2018), states that the subjective indicators and development of the present data. They discussed the causes of improving the subjective wellbeing. They stated that the theory is of potential use and is helpful to indicate the happiness or the subjective wellbeing. Moreover it helps in development of the public policy. According to Royo, (2019) concluded that the television consumption is causing the harm to the environmental sustainability, and further effecting the people’s subjective wellbeing. In other words, nowadays society is being more money-oriented and concerned about material possessions. On the other hand, subjective wellness includes the description of people’s experiences that they have in both emotional reactions and the cognition according to those emotions (Royo, 2019). The financial wellbeing is directly related to the subjective wellbeing as the stress can lead to the troubled and negative environment around. It is seen that a large number of people are stressed due to their financial wellbeing and it is causing a great hindrance in the growth of an individual, as the individuals are lacking in sleep, they are exhausted at their work that further leads to the disturbing relationships at the workplace. These things directly cause a decrease in the efficiency of an individual. Employee motivation should be promoted to improve the financial wellbeing of the individual which further improves the subjective wellbeing of eth particular person (Royo, 2019). The study of royo found out that the countries like Peru, needs to limit the consumption of the television. On the other hand study of Diener, Lucus, and Oishi (2018), shows an active role of the subjective wellbeing in one’s life. This review to this paper gives an overview on major areas of research, including the measurement of Subjective Wellbeing, the presentation of demographic and personality-based predictors of Subjective Wellbeing, and process-oriented accounts of individual differences in Subjective Wellbeing (Diener, Lucus, and Oishi, 2018). Michael Norton in his 2011 ted talk discussed that “if you think that money cannot buy happiness, and then it signifies that you are not spending the money in the right way”. Employee motivation should be promoted to improve the financial wellbeing of the individual which further improves the subjective wellbeing of eth particular person. Financial wellbeing is the balance between the money one individual has and how much the individual makes (Diener, Lucus, and Oishi, 2018). Moreover, (Tay, Zyphur, Michael and Batz-Barbarich, 2017) stated three hypothesis; there can be a relationship between the satisfaction with the remuneration and the financial wellbeing, second, there can be a relation between the financial wellbeing and the financial efficiency, and lastly, they stated that there can be a relation between satisfaction in job and the remuneration and the financial wellbeing (Tay, Zyphur, Michael and Batz-Barbarich, 2017). The results supported all three of the hypothesis. There was a strong and positive relationship between all three hypotheses. Management can intervene in the relationships to make it strong. Satisfaction is increase by the increase of the remunerations which further increases the financial wellbeing. Hence the overall analyses by these reviews are that there is a strong, positive relationship between the two factors, which are the financial wellbeing and the subjective wellbeing of an individual (Vosloo, Fouche, and Barnard, 2014). Subjective wellness includes the description of people’s experiences that they have in both emotional reactions and the cognition according to those emotions. The financial stress is a state that signifies that being more addicted to society and the money-oriented approach prevailing in today’s world (Vosloo, Fouche, and Barnard, 2014).

This study will establish a relationship after measuring the results from the questionnaire, between the financial wellbeing and the subjective wellbeing. This study is based on the questionnaire which was filled by the 803 Australian participants aged from 18 to 85 years with an average age of 25. 75. The population included 663 females, 137 males and 3 identified as others. The results will state the relationship between financial and individual wellness. It is important to research about the topic because it will help the employees to improve the wellbeing of their financial being. Moreover, help them understand the needs before starting the program.

Research aim and objectives:

This study aims to convey the importance and understanding of both financial and individual wellbeing by studying the data collected by the questionnaire. The objective is to find out that genetic and environmental factors affect financial wellbeing. To research the financial literacy which is directly related to the financial wellbeing of a person? “It was hypnotized that whether there is a relationship between the financial and the subjective wellbeing or not”.

Methodology of The Relation Between Financial and Subjective Wellbeing

Here, in this report, the method used to collect the data is the primary method of collecting the data. There were 803 participants recruited in this process of collecting the data. The past studies shave provided us with the data that financial stress causes a negative effect on the subjective (individual’s) wellbeing. The stress of financial wellbeing comes with a limitation of the less healthy home, lack of motivation in an individual, and many more functional limitations. Stress in financial well-being will bring a negative impact on the individual’s personality as well. The participants were the respondents to the advertisements done in the class to advertise the study. All the participants were Australian residents completing their first-year psychology HPS121 in T2 2019. Moreover, the minimum age of the participants was 18 years and the maximum age was 85 years. The average age, or mean, was 25.75 and the standard deviation derived from the study was 9.19. There were six hundred and sixty-three females included, one hundred and thirty-seven males, and 3 individuals who belong to another category. The participants who came to enroll in the study were initiated with a positive spirit and voluntary. The informed consent was taken to provide in the results.

Results of The Relation Between Financial and Subjective Wellbeing

To assess if there was a relationship between the Big Five personality traits (openness to experience, conscientiousness, extraversion, agreeableness, neuroticism) and the specific communication style titled expressiveness in Australian university students, five bivariate correlational analyses were completed. A significant positive and strong relationship between openness to experience and expressiveness was found, r = .18, p<.05, representing 2.41 % shared variance between the two variables. A significant positive and strong relationship between conscientiousness and expressiveness was found, r = .13, p <.05, representing 0.04 % shared variance between the two variables. A significant positive and strong relationship between extraversion and expressiveness was found, r = .78, p<.05, representing 0.365 % shared variance between the two variables. A significant positive and strong relationship between agreeableness and expressiveness was found, r = .02, p>.05, representing 0.015% shared variance between the two variables. A significant positive and strong relationship between neuroticism and expressiveness was found, r = -0.20, p<.05, representing 0.125 % shared variance between the two variables. To assess if there was a relationship between subjective wellbeing and financial wellbeing, a bivariate correlational analysis was completed. The assessments of the relationship between the financial wellbeing and the subjective wellbeing came out to positive and were completed. The Financial wellbeing and the subjective wellbeing: r=.44, p<05.

Discussion on The Relation Between Financial and Subjective Wellbeing

The current study is aimed to access if the financial wellbeing affects the subjective wellbeing of an individual with reference to the questionnaire filled by the Australian students. It was hypnotized that whether there is a relationship between the financial and the subjective wellbeing or not. The study shows a positive result in signifying the relationships of financial wellbeing and the subjective wellbeing. There is a strong relation between the two. The results after the analysis of the data partially supported the past researches.

Conclusion on The Relation Between Financial and Subjective Wellbeing

The study concludes with the data, the wellbeing can be increased, why humans worry about money more? As analyzed, happiness can be subjective. In other words, what brings joy for one may not bring the same to another. Some experience happiness in spending time with the family, some experience it while spending money. This study brings us a diverse data that is subjective in nature. Michael Norton in his 2011 ted talk discussed that “if you think that money cannot buy happiness, and then it signifies that you are not spending the money in the right way”. The ability to afford the basic needs for a standard living signifies that how happy an individual feels. The study signifies that the amount of financial wellbeing is defined by the amount of money an individual has. Moreover, it is defined by the satisfaction of an individual in his/her standard of living, financial security, how much is spent on the day to day stress money causes. Financial wellbeing is the balance between the money one individual has and how much the individual makes. The core in defining the financial wellbeing is how much an individual is using from the amount of money earned by that individual. The financial wellbeing is directly related to the subjective wellbeing as the stress can lead to the troubled and negative environment around. It is seen that a large number of people are stressed due to their financial wellbeing and it is causing a great hindrance in the growth of an individual, as the individuals are lacking in sleep, they are exhausted at their work that further leads to the disturbing relationships at the workplace. These things directly cause a decrease in the efficiency of an individual. Employee motivation should be promoted to improve the financial wellbeing of the individual which further improves the subjective wellbeing of eth particular person.

References for The Relation Between Financial and Subjective Wellbeing

Cummings, R. A. (2018). Subjective Wellbeing as a social indicator. Cross mark, 135, 879–891.

Diener, E., Lucas, R. E., & Oishi, S. (2018). Advances and Open Questions in the Science of Subjective Well-Being. Collabra: Psychology4(1), 15. 

Mohamad F, S. (2019). Estimating a Model of Subjective Financial Well-Being among College Students. Retrieved 21 December 2019, from http://www.ijhssnet.com/journals/Vol_2_No_18_October_2012/23.pdf

https://jamanetwork.com/journals/jamapediatrics/fullarticle/351806

Tay, Louis & Zyphur, Michael & Batz-Barbarich, Cassondra. (2017). Income and Subjective Well-Being: Review, Synthesis, and Future Research.

Vosloo, Wilmie & Fouche, Jaco & Barnard, Jaco. (2014). The Relationship Between Financial Efficacy, Satisfaction With Remuneration And Personal Financial Well-Being. International Business & Economics Research Journal (IBER). 13.

Wu, W., Stephens, M., Du, M., & Wang, B. (2019). Homeownership, family composition and subjective wellbeing. Peru: 84, 46-55.

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