Financial and Economic Well-Being: A Decade Review from Journal of Family and Economic Issues
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REVIEW
Financial and Economic Well‑Being: A Decade Review from Journal of Family and Economic Issues Melissa J. Wilmarth1 Accepted: 10 October 2020 © Springer Science+Business Media, LLC, part of Springer Nature 2020
Abstract This review examines the papers published in the Journal of Family and Economic Issues focusing on financial and economic well-being over the last decade. The papers examining financial and economic well-being encompass a range of issues and areas such as social and mental health, labor issues, unique populations of study, and broader life satisfaction and wellness. The synopses of papers are grouped into two broad sections: financial and economic well-being throughout the life course and financial and economic well-being related to gender, family structure, and support systems. Finally, this paper discusses insights from the past decade and future directions for research and practitioners related to financial and economic well-being. Keywords Financial well-being · Economic well-being · Individuals · Families
Introduction Finances have been identified as one of the key areas that makes up overall well-being. Financial and economic wellbeing is central to not only the lives of individuals and families, but also to the health broader economy (Diener 2000). Just prior to the start of the 2010 decade, the first edition of the Handbook of Consumer Finance Research was published. A chapter on Personal Financial Wellness (Joo 2008) created a more formalized recognition of financial and economic well-being as part of a multi-dimensional conceptual framework. Financial well-being was defined as ‘‘a state of being financially healthy, happy, and free from worry’’ and is based on subjective appraisals of one’s financial situation (Joo 2008, p. 21). The framework included the sub-components of financial wellness: objective status (e.g., income and financial ratios), financial satisfaction, financial behaviors (e.g., credit or debt management), and subjective perception (e.g., financial attitudes and financial knowledge) (Joo This is one of several papers published together in Journal of Family and Economic Issues on the “Special Issue on Virtual Decade in Review”. * Melissa J. Wilmarth [email protected] 1
Consumer Sciences, University of Alabama, Tuscaloosa, AL, USA
2008). The chapter ended with a call for further investigation into how to improve financial and economic well-being, how it relates with other types of well-being, and a need for a standardized measure. More recently, financial well-being has been defined as “a state of being wherein a person can fully meet current and ongoing financial obligations, can feel secure in their financial future, and is able to make choices that allow enjoyment of life” (CFPB 2015b, p. 18). The articles from the past decade have progressed in the call for future work and the work on personal financial wellness (Joo 2008) and the more recent work have both served as launching points for studying financial and economic well-being from 2010 to 2019. Oft
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