1. INTRODUCTION
The well-being is identified as the quality of life concept. The living standard is methodically related to quality of life which generally includes how an individual actions the goodness of several aspects of the life. However, there are a many challenges to develop a significant understanding of the well-being in the literature. Kesebir & Diener, (2008) defined the concept of well-being as human being positive assessment of their lives that take in confident emotions, satisfaction, engagement, and meaning. It is often tied to identify financial status, however wellbeing is wider concept than economic or material well-being alone (Smith and Clay, 2010). Thus, it is currently recognized as a multidimensional concept by the policy …show more content…
Beside, it is significant factor that can be assisted weather economic shockwaves in order to sustain financial steadiness and wellbeing of household. As well as, adequate food is a universal need for the well-being, and clothes, health treatment, schooling are other determinates of well-being. Oswald (1997) discussed that it is a difficult task measuring well-being of peoples. However, some researchers attempt to measure the Subjective well-being by asking respondents to rate their level of happiness, satisfaction with community and life, mental distress, food security, confidence and feeling prosperous household. Economic well-being is fundamental to general well-being and is characterized by subjective and objective measurements. Stutzer and Frey (2010) proposes that the subjective measure of well-being should be supplemented by objective measures in getting the perfect judgment. In this case study, we discuss the determinants of the well-being of household focusing on perceived social capital and household savings. Determinants of the well-being of individuals and households in developing societies mostly similar. As well as, Financial …show more content…
Sri Lanka is considered as lower-middle income group country. In 1978, Sri Lanka opened the country to foreign investments and was the first country in liberalizing the economy in South Asia. However the financial sector of country is not well established yet while its records import development in human improvement. In the past three decades, the country was affected by natural disasters and the civil war. At present Sri Lanka has robust growth rates in recent years with an economy worth USD 81 billion. However, Sri Lanka as a developing country have shown exact social, economic and development differences between rural areas and city areas. Social stranded, living condition and social expectation of these distinctive rural and urban areas differ immensely. Yet, very limited studies are found in the literature about the saving behavior and its impact on well-being in Sri Lankan households. More precisely, saving behavior, social capital literature is lacking the knowledge of urban
The well-being is identified as the quality of life concept. The living standard is methodically related to quality of life which generally includes how an individual actions the goodness of several aspects of the life. However, there are a many challenges to develop a significant understanding of the well-being in the literature. Kesebir & Diener, (2008) defined the concept of well-being as human being positive assessment of their lives that take in confident emotions, satisfaction, engagement, and meaning. It is often tied to identify financial status, however wellbeing is wider concept than economic or material well-being alone (Smith and Clay, 2010). Thus, it is currently recognized as a multidimensional concept by the policy …show more content…
Beside, it is significant factor that can be assisted weather economic shockwaves in order to sustain financial steadiness and wellbeing of household. As well as, adequate food is a universal need for the well-being, and clothes, health treatment, schooling are other determinates of well-being. Oswald (1997) discussed that it is a difficult task measuring well-being of peoples. However, some researchers attempt to measure the Subjective well-being by asking respondents to rate their level of happiness, satisfaction with community and life, mental distress, food security, confidence and feeling prosperous household. Economic well-being is fundamental to general well-being and is characterized by subjective and objective measurements. Stutzer and Frey (2010) proposes that the subjective measure of well-being should be supplemented by objective measures in getting the perfect judgment. In this case study, we discuss the determinants of the well-being of household focusing on perceived social capital and household savings. Determinants of the well-being of individuals and households in developing societies mostly similar. As well as, Financial …show more content…
Sri Lanka is considered as lower-middle income group country. In 1978, Sri Lanka opened the country to foreign investments and was the first country in liberalizing the economy in South Asia. However the financial sector of country is not well established yet while its records import development in human improvement. In the past three decades, the country was affected by natural disasters and the civil war. At present Sri Lanka has robust growth rates in recent years with an economy worth USD 81 billion. However, Sri Lanka as a developing country have shown exact social, economic and development differences between rural areas and city areas. Social stranded, living condition and social expectation of these distinctive rural and urban areas differ immensely. Yet, very limited studies are found in the literature about the saving behavior and its impact on well-being in Sri Lankan households. More precisely, saving behavior, social capital literature is lacking the knowledge of urban