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Encyclopedia of Gerontology and Population Aging pp 1–4Cite as

Subjectively Measured Financial Resources

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Synonyms

Financial satisfaction; Perception of own wealth

Definition

The financial situation may be assessed differently by individuals and may deliver a different level of satisfaction. For example, people who are objectively well-off may perceive their situation as bad, and vice versa, people with objectively low personal wealth may be satisfied with their situation. The way of perceiving one’s wealth is a complex matter determined by various factors (Joo and Grable 2004).

Overview

During the period since World War II, in psychology and economics prevailed a simplistic view of the association between financial resources and financial satisfaction. It stated that changes in economic welfare (e.g., income, wealth) indicate the same changes – regarding both direction and degree – in social welfare (e.g., financial satisfaction) (Easterlin 1974). Therefore, rich people were considered to be more satisfied than the poor, and it was also believed that growth in personal wealth causes...

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References

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Author information

Authors and Affiliations

  1. Wrocław University of Economics, Wrocław, Poland

    Łukasz Jurek

Authors
  1. Łukasz Jurek
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Correspondence to Łukasz Jurek .

Editor information

Editors and Affiliations

  1. Population Division, UN Dept of Economic Social Affairs Population Division, New York, NY, USA

    Danan Gu

  2. Department of Population Health Sciences, Duke University School of Medicine, Durham, NC, USA

    Matthew E. Dupre

Section Editor information

  1. Independent Researcher, Bialystok, Poland

    Andrzej Klimczuk

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Jurek, Ł. (2019). Subjectively Measured Financial Resources. In: Gu, D., Dupre, M. (eds) Encyclopedia of Gerontology and Population Aging. Springer, Cham. https://doi.org/10.1007/978-3-319-69892-2_205-1

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  • DOI: https://doi.org/10.1007/978-3-319-69892-2_205-1

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  • Publisher Name: Springer, Cham

  • Print ISBN: 978-3-319-69892-2

  • Online ISBN: 978-3-319-69892-2

  • eBook Packages: Springer Reference Biomedicine and Life SciencesReference Module Biomedical and Life Sciences

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