Money and the Quality of Life

Abstract

This paper deals with the influence of money on the quality of life, in the light of the major importance it has on all aspects of our lives. Bearing in mind that money is an everyday, inseperable and unavoidable companion, with all its advantages and power, as well as its numerous challenges, risks and temptations, it inevitably affects all segments of the quality of life. The relation between money and quality of life, therefore, can be viewed not only theoretically, but also at a practical level. In the times we live in, which have been labelled the digital age, with ever increasing change, the key questions which arise are whether and to what extent do people really manage their money, and to what extent does money manage people and their lives, do people own money or does money own people? Although it sounds paradoxical, money causes people financial worries, whether they have it or whether they do not and so can significantly influence their quality of life. Standard macro-economic indicators, traditionally used as measures of the well-being of society, do not always give a real and complete picture of the quality of life, as this encompasses the way of life, as well as the standard of living. The quality of life includes the whole spectrum of factors, not only economic, but also many others which lead to satisfaction, both material and spiritual. These can include financial and material living conditions, employment, health, education, leisure time and social activities, economic and physical safety, human rights and freedoms, protection of the environment and overall life satisfaction. This paper analyses the direct and indirect connections between effective and efficient money management and the aforementioned factors which are decisive in forming the quality of life. JEL Classification: E40

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“…Even though the quality of life is not only determined by the level of wealth, it plays a crucial role in all aspects of our lives (Liu, 2008;Luburić & Fabris, 2017;OECD, 2011). For a nation, wealth determines social welfare (OECD, 2011).…”

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“…Many scientists are trying to explain what makes a person perceives that he is having a good quality of life. One approach to explain what makes a good quality of life is according to the amount of the material wealth of person whereas the richer the person in material wealth, then he will perceive his life in a better way [3]. Although material wealth does have an influence on a person's life, it does not completely enable a person to enjoy a better and satisfying life [3].…”

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