Our research team has studied the topic of subjective well being to determine whether there is merit to consider its inclusion in our web-based life style planning architecture. Our initial efforts (in 2005) focused solely on financial aspects, with concentration on readiness to retire questions and overall financial state. Since then, our efforts expanded to include both physical and mental states as all 3 states in some ways might be viewed as an individual’s score. Money without health or happiness might not be where many wish to head.
Further, our research shows that the 3 states are interelated and interdependent. Obviously, poor health is not good for finances. By contrast, good health management may lead to an improved financial outcome.
Some would believe that the topic of subjective well being (SWB), sometimes referred to as Happiness, is nothing more than the newest pseudo-science. Yet, when we monitor research advances on the topic, increasingly we find hard data that links to effects on both physical and financial health, thus its importance to us.
Methods within our current lifestyle planning architecture utilize a well-tested though modified survey questionnaire, much like the one you may have completed in a recent doctor’s visit, but instead of health, a survey that measures and reports a client’s mental state. By visiting our survey over a lengthy period, a graphical trending tells a story. Simple, but that’s a start.
As both the SWB industry and our own understanding grows, particularly as it relates to what data sciences reveal are the interdependencies on an individual’s health and financial status, additional knowledge and processing methods will be added to our 3 legged stool architecture and, along with this blog, surface non-obvious directional choices for clients or readers to consider.