Financial planning and well-being
Irving, Kym A., Gallery, Natalie, & Gallery, Gerry T. (2010) Financial planning and well-being. In 27th International Congress of Applied Psychology, 11-16 July 2010, Melbourne Convention and Exhibition Centre, Victoria. (Unpublished)
The aim of this paper is to provide a review of the theoretical and research literature on the ways in which financial planning can enhance well-being. In reviewing the literature, the paper develops a conceptual framework for thinking about the extended value of financial planning, beyond financial outcomes, by examining the process of planning in the financial domain and its relationship to life satisfaction, living an intentional life, attainment of life goals, and the development of a sense of mastery. An essential element of psychological well-being is engagement in life tasks and roles. Planning can be considered a life management strategy that enables individuals to control and structure their lives. Having meaningful goals and the plans to achieve those goals enable individuals to experience higher levels of life engagement and well-being (MacLeod et al., 2008). Recent research on well-being suggests that domain-specific behaviours contribute to domain-specific satisfactions, which in turn contribute to an individual’s overall satisfaction with life (Easterlin, 2003; 2006). Thus changes in domain satisfaction, such as financial satisfaction, are likely to effect changes in life satisfaction.
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|Item Type:||Conference Item (Poster)|
|Keywords:||Economic psychology, Financial satisfaction, Well-being, Financial planning|
|Subjects:||Australian and New Zealand Standard Research Classification > PSYCHOLOGY AND COGNITIVE SCIENCES (170000) > OTHER PSYCHOLOGY AND COGNITIVE SCIENCES (179900) > Psychology and Cognitive Sciences not elsewhere classified (179999)|
|Divisions:||Current > QUT Faculties and Divisions > QUT Business School|
Current > Schools > School of Accountancy
|Deposited On:||23 Dec 2010 15:34|
|Last Modified:||06 Jan 2011 00:02|
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