ABSTRACT
Rather than trying to establish scientific definitions of happiness, positive psychologists instead opted for the broader concept of wellbeing, which they believed could be more precisely defined and measured. Psychological wellbeing, also known as eudemonic wellbeing, refers to meeting and overcoming challenges in life and reaching our fullest potential — being resilient, knowing ourselves, and becoming the best that we can be. Corey Keyes was one of the first to fully articulate flourishing—a state of optimal functioning that combines the elements of Subjective wellbeing (SWB) and psychological wellbeing (PWB) as well as detailed criteria for social functioning. Socioeconomic influences on wellbeing and conversely, the impact of wellbeing on socioeconomic status, are also relevant. The effects of money on wellbeing are intriguing—some predictable but others surprising. It appears that when people are preoccupied with financial wealth and status, they are less happy, especially when they use money to prove ourselves or to gain power.
