News 18 May 2009
Financial capability and wellbeing - new research
Last week we published Occasional Paper 34, which indicates that an improvement in financial capability leads to an improvement in psychological well-being. The results of the research suggest that moving from low to average levels of financial capability:
- increases psychological wellbeing by 5.6%;
- increases life satisfaction by 2.4%; and
- decreases anxiety and depression by 15%
The 2.4% increase in life satisfaction is 12 times bigger than the impact of earning an extra £1000 a year.
Read the full paper:
Financial Capability and Wellbeing [PDF]