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Measuring financial well-being over the lifecourse

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  • J. Michael Collins
  • Carly Urban

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.

Suggested Citation

  • J. Michael Collins & Carly Urban, 2020. "Measuring financial well-being over the lifecourse," The European Journal of Finance, Taylor & Francis Journals, vol. 26(4-5), pages 341-359, March.
    • Handle: RePEc:taf:eurjfi:v:26:y:2020:i:4-5:p:341-359
    DOI: 10.1080/1351847X.2019.1682631
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