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Perceived Economic Wellbeing

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Well being is a multidimensional utility, a function of own income and average income in a locality (Luttmer 2005). Own income has a positive coefficient while average income has a negative coefficient. Well being can be either perceived well being or perceived economic well being. Perceived well being scale has been based on perceived well being index developed by Deakin University. Perceived economic well being scale has been developed by Hayhoe & Wilhelm (1998). The Personal Wellbeing Index was created from the Comprehensive Quality of Life Scale (ComQol). The ComQol scale comprised both an objective and subjective measure of life quality and details of this test’s development have been published (Cummins, McCabe, & Romeo, 1994; Gullone …show more content…

Past research identified a variety of predictors of an individual’s perceived economic well-being. Those predictors include objective information, such as income and marital status, as well as perceptual information such as personal values and social comparisons. Hayhoe (1990) found the comparison of one's financial situation to that of friends and other people in the same geographic location to be a significant predictor of perceived economic well-being. The latent Construct for measuring PEWB are level of income, money for necessities and handling financial emergencies, amount that one owes, his level of saving, having money for future needs and economic & financial …show more content…

This term refers to the practice of purchasing products to signal one’s own social status to others (Braun and Wicklund 1989). According to Bourdieu (1984), people draw on three different types of resources (economic, social and cultural capital) to compete for status, referred to as symbolic capital (Holt, 1998). Miller (2000) pointed to the possession of prestige goods, such as luxury cars and other forms of conspicuous consumption, as a human example of the handicap principle, such that the ability to afford prestige goods advertises fitness to the opposite sex. At a broader level, conspicuous consumption allows consumers to attain or maintain social status, which Linton (1936) defined as the rank or position a person holds in a group or society. Ying (2003) found that Chinese children from low income families get consumer goods for conspicuous consumption according to the taste of their parents leading to bad health and twisted hearts. Wedding celebrations in India are a form of conspicuous consumption that signals the family’s social status of to the community where it is resident (Bloch, Rao and Desai, 2004). Consumers purchase conspicuous goods to satisfy not only material needs but also social needs such as prestige (Amaldoss and Jain,

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