SUBJECTIVE ECONOMIC WELL-BEING OF RUSSIAN POPULATION

Abstract

The objective approach, which applies economic indicators of official statistics, has become more commonly used for estimating the economic well-being of the population. However, the subjective assessment of the level of material well-being is of no less interest. When governing society, it is important to consider not only the official data on income level, but what the individuals think of their own well-being. Subjective economic wellbeing is defined as the population’s assessment of its own financial standing. The index of the subjective economic well-being of the family is proposed to be used for obtaining the generalized characteristics of one’s own family’s financial situation. The dynamics of the index of the subjective economic wellbeing of the family does not contradict the official data on population income.