Wellbeing: An economic psychology perspective

Abstract

Wellbeing plays a key role in economic psychology, illustrating how psychological mechanisms impact on economic factors. Wellbeing is vital for occupational psychologists as it allows for the development of interventions to protect and improve workers health. The contribution of economic psychology has received little attention within occupational psychology to improve the measurements of individual wellbeing. The aim of this commentary paper was to bring forward a call to action of two methods that have been used in economic psychology that occupational psychologists can adopt to better measure wellbeing. This commentary paper is based on the insights of Kirchler and Hoelzl (2018) and both time-sample diaries and day reconstruction methods. The analysis showed that by using time-sample diaries, occupational psychologists could better understand the current mood, current mental state and objective characteristics of worker situations. This commentary article identified that by using day reconstruction method, occupational psychologists can have a better insight into employee experiences and feelings in a timely manner. This commentary article recommends that by using insights from economic psychology, occupational psychologists can better measure the wellbeing of workers using time-sample diaries and day reconstruction methods. The paper should, therefore, be of value to scholars and practitioners wishing to improve wellbeing.