Marta Morga

Snyder and Lopez (2002) define subjective well being as “a broad concept that includes experiencing pleasant emotions, low levels of negative moods, and high life satisfaction” (Snyder and Lopez 2002: 467). The importance of the relationship between income and its contribution to SWB has been emphasised, being the focus of not just psychological but sociological (e.g Veenhoven 91) and economic (e.g. Sen 99) theories (Biswas-Diener 2008). This paper will examine the complex and incoherent relationship between material wealth and SWB. This paper concludes by not validating one theory definitive over another, but opening up the table of its epistemological differences, delivering inconsistencies in the research and calling for a further review of the adequacy of these repeated measuring perspectives.

The relationship between income and well-being has long been an area of interest to thinkers and philosophers, from Epicurus who believed that wealth and joy were not compatible, to modern economists, who often see income and consumption as being synonymous with happiness. Researchers have now studied this topic scientifically, using definitions of well-being with an empirical basis.

Subjective well-being (SWB) is defined as ‘a person’s cognitive and affective evaluations of his or her life’ (Diener, Lucas, & Oshi, 2002, p. 63). The cognitive element refers to what one thinks about his or her life satisfaction in global terms (life as a whole) and in domain terms (in specific areas of life such as work, relationships, etc.) The affective element refers to emotions, moods and feelings. Affect is considered positive when the emotions, moods and feelings experienced are pleasant (e.g. joy, elation, affection etc.) Affect is deemed negative, though, when the emotions, moods and feelings experienced are unpleasant (e.g. guilt, anger, shame etc.)

Subjective well-being (SWB) reflects individuals’ thoughts and feelings of their own life experiences. It combines cognitive judgements and affective reactions in a measurement that includes positive affect, negative affect and life satisfaction (Diener, 1984; Diener, Suh, Lucas, & Smith, 1999; Myers & Diener, 1995). SWB is important to the study of positive psychology as according to Seligman (2003) the desired outcomes of positive psychology are happiness and well-being.

Happiness has been a topic of interest for many centuries, starting with Ancient Greek philosophy, post-Enlightenment Western-European moral philosophy (especially Utilitarianism) to current quality-of-life and well-being research in social, political and economic sciences. Nowadays, happiness as a concept seems to be readily embraced by the majority of people and appears to be more valued than the pursuit of money, moral goodness or going to heaven. Not surprisingly, during the past thirty years and especially since the creation of positive psychology, psychology too has turned its attention towards the study of happiness and well-being.