Financial Wellbeing as a Type of Human Wellbeing: Theoretical Review


The article analyzes the term structure of the “wellbeing” concept and describes the various approaches to its definition (theoretical, statistical). Special attention is paid to the concept of financial wellbeing, the factors affecting it and its defining. The authors introduce quantitative indicators, which have a framework nature and starting with them we can speak about financial wellbeing of typical households: minimum consumer budgets that allow householders to live, to develop and to achieve their goals. This research integrates two conceptions in a model of personal well-being: theory of subjective wellbeing of theory of different forms of the capital. Personal well-being consists of physical, psychological (including emotional and mental), social and financial wellbeing. All components of wellbeing are connected with forms of capital, which belong to a person (physical health, capital, social and financial capital). Financial wellbeing defines by financial behavior and income flow generated by basic asset. Financial behavior is an outcome of financial literacy and knowledge, financial attitudes and financial management paper.

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20 February 2016

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Future Academy



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1st Edition




Social welfare, social services, personal health, public health

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Zemtsov, A. A., & Osipova, T. Y. (2016). Financial Wellbeing as a Type of Human Wellbeing: Theoretical Review. In F. Casati (Ed.), Lifelong Wellbeing in the World - WELLSO 2015, vol 7. European Proceedings of Social and Behavioural Sciences (pp. 385-392). Future Academy.