Microsoft Word Ed Horwitz Post Dissertation Fina docx

 Financial Well-Being 
 
A review of the relevant literature indicated that financial satisfaction, financial well-
being, quality of life, and individual financial wellness have often been represented in a broader 
context, and as a result, uniformity of definitions and measures lacks consistency (Huston, 2010; 
Remund, 2010; Funk & Rogge, 2007, Parrotta & Johnson, 1998). Financial well-being has been 
conceptualized to come from personal empowerment and a belief that goals can be achieved 
through knowledge, application of resources, and other factors, which can either help or hinder 
the individual’s ability to reach his/her goals (Zimmerman, 1995). Similarly, Gerson (1976) 
defined quality of life as the degree to which an individual succeeds in accomplishing his/her 
desires, despite the constraints that may have been put on him/her by nature or social order. The 
literature reviewed indicates that quality of life, satisfaction, and well-being have been measured 
in two primary ways. The first is subjective assessment of satisfaction and confidence measures, 
and the second uses an aggregation of social indicators (Mugenda, Hira & Fanslow, 1990). 
Several factors appear to influence financial well-being, including the demographic and socio-
economic characteristics of gender, marital status, education, ethnicity, age, and income 
(Ackerman & Paolucci, 1983; Hira & Mugenda, 1999a, 1999b; Joo, 1998; O’Neill, 1995; Porter, 
1990).  

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