Financial well-being and social relationships closely linked
Almost nine in 10 Americans who are thriving in their financial well-being agree that their relationship with their spouse, partner or closest friend is stronger than ever. But this drops to six in 10 among those who are suffering in financial well-being.
Financial well-being is one of the five interrelated elements of well-being in the Gallup-Healthways Well-Being Index, along with purpose, social, community and physical well-being.
To assess financial well-being, Gallup and Healthways ask U.S. adults about their ability to afford food and healthcare, whether they have enough money to do everything they want to do, whether they worried about money in the past week and their perceptions of their standard of living compared with those they spend time with.
Importantly, thriving in financial well-being does not mean having a high income, but instead consistently managing one's finances to reduce stress and increase financial security. Nationally, 41% of Americans were thriving in financial well-being in the first half of 2015, up slightly from 39% in 2014.
The link between financial well-being and social relationships holds across income levels.
In other words, Americans' perceptions of their social relationships improve as their financial well-being improves, regardless of their income level.
Upper-income and lower-income Americans are both more likely to report their relationship is stronger than ever if they are thriving in financial well-being than if they are suffering. ■