Financial, Social and Psychological Well-being
Description
Researchers delved into the complexities of well-being by measuring three key aspects: financial well-being, social well-being, and psychological well-being. Standardized surveys were used: one from the Consumer Financial Protection Bureau for finances, another by C.L. Keyes for social well-being, and a third by Ryff for psychological well-being.
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In total, 16 variables were examined, including 3 core aspects of well-being (financial, social, and psychological) and 13 sub-variables within them. By analyzing the correlations between these variables, researchers were able to draw insights into the intricate relationships that shape overall well-being. The study aimed to uncover not just how these aspects relate to overall well-being, but also how their sub-components interact. The findings revealed that financial security and social connections were negatively linked, meaning better finances might be associated with fewer social ties. The connection between finances and mental well-being was weaker. Interestingly, social and mental well-being showed a moderate positive correlation, suggesting stronger social connections might be linked to better mental health. The raw data was collected through Google form (5-point and 7-point Likert Scale ), which was further converted into percentages and then correlation tables were drawn.