Factors Influencing Subjective Economic Well-Being

Abstract

The number of publications published in mainstream economics journals that study subjective well-being (SWB) and its determinants reflects a growing interest in the "economics of happiness." Subjective Economic Well-being (SWB) refers to an individual's perception or evaluation of their economic situation or financial standing. A wide range of factors, including income, health, social relationships, and personal values, can influence subjective well-being. In reality, the pandemic Covid -19 has triggered alarming issues and challenges mainly related to happiness and Well-being. These circumstances, in turn, impact economic well-being, as health and economic well-being issues are critical in a post pandemics period for recovery and sustainability. Hence, this paper gives an overview of the scientific literature on factors associated with subjective economic well-being. The literature review outlines the significant factors influencing subjective economic well-being, including Income, Expenditure, Savings, Property Ownership, Economic Behaviour, and Technology Usage. Understanding the contribution of subjective economic well-being can provide valuable insights into individuals' perceptions of their economic situation. It can help
policymakers formulate strategies to improve society's economic outcomes and well-being.