Microsoft Word Ed Horwitz Post Dissertation Fina docx

Well-Being 
 
 

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Viewed from an economic utility perspective, individuals will seek to apply their human 
capital to financial activities to optimize expected utility from consumption (Huston, 2010). 
Frameworks to explain and predict financial well-being have historically put forth the 
recognition that financial decisions fall within the realm of consumer and family economic utility 
(Porter & Garman, 1993; Wilhelm & Varcoe, 1991; Huston, 2010). For example, an individual 
may engage in specific financial behaviors, such as regular retirement savings, with the 
expectation of increased financial well-being through the attainment of their defined goals. To 
the extent that individuals are able to optimize their resources in line with financial desires and 
goal achievement, they are hypothesized to experience increased levels of financial well-being. 
Based on review of historical literature and informed by the application of the framework, it is 
posited that greater financial knowledge, obtained through financial education, will lead to 
improved financial decision making and provide a sense of increased financial well-being 
(Huston, 2010; Bayer, Berheim, and Scholz, 2008).