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Innovating on Methods to Understand the Relationship Between Finances and Wellbeing

Part of the Social Indicators Research Series book series (SINS,volume 76)

Abstract

It is well documented that individuals who are materially worse-off have poorer health and subjective wellbeing. Despite their limited means, we also know these same individuals can have complicated financial lives. However, it is not clear how individuals’ strategies for managing their wealth impact on broader aspects of their wellbeing. In this chapter we draw on a recently-completed project that used a combination of innovative methodologies – financial diaries, qualitative interviews and Q methodology – to examine whether there is a perceived link, negative or positive, between the use of ‘fair finance’ initiatives aimed at low-income populations in Scotland and health and wellbeing, and the mediating mechanisms that might facilitate, or militate against, this association. Illustrative examples from the data are provided and we reflect on the success of employing these methodologies. Gaining in-depth insight into individuals’ financial lives and links to wellbeing has potential implications for product development and wider health and social policy.

Keywords

  • Microcredit
  • Finances
  • Wellbeing
  • Health
  • Diaries
  • Qualitative interviews
  • Q methodology
  • UK

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Fig. 6.1
Fig. 6.2

Notes

  1. 1.

    Although these terms are often used interchangeably for the purposes of this chapter we will only refer to microcredit.

  2. 2.

    A conceptual basis for this relationship in developing countries was outlined in Mohindra and Haddad (2005).

  3. 3.

    All names have been changed in order to maintain confidentiality.

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Funding

This work was funded by Chief Scientist Office (CSO) Scotland (project reference number CZH/4/1095).

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Correspondence to Neil McHugh .

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McHugh, N., Biosca, O., Baker, R., Ibrahim, F., Donaldson, C. (2019). Innovating on Methods to Understand the Relationship Between Finances and Wellbeing. In: Brulé, G., Suter, C. (eds) Wealth(s) and Subjective Well-Being. Social Indicators Research Series, vol 76. Springer, Cham. https://doi.org/10.1007/978-3-030-05535-6_6

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  • DOI: https://doi.org/10.1007/978-3-030-05535-6_6

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