Like it or not, money lies at the very core of modern society. When considering financial well-being as the balance point between life hurdles or hardships and comfortable adjustment, the importance of money matters is apparent, explains psychologist Dr Erika Hitge. We can look at well-being as a continuum, with flourishing or thriving on the best end, moderate well-being in the centre and languishing on the other end.
A review by Thomas Richardson and fellow academics, “The relationship between personal unsecured debt and mental and physical health”, found that more severe debt was associated with depression, suicide, drug and alcohol dependence and psychotic disorders. And more financial worries are significantly associated with higher psychological distress, we read in “National differences in reported subjective well-being: Why do they occur” by Ed Diener and fellow academics.