Economic and Psychological Well-being in Pandemic Times

Abstract

The pervasive role of the COVID-19 pandemic in the economy and subjective well-being is the focus of this research study. There is extensive evidence suggesting a relationship between psychological well-being and income. In this study, we make use of data collected during the pandemic in the fall of 2021 from a cross-sectional online survey of Albanian adults living and working in the country. This study examines the association between average income level, age, civil status, and level of education with psychological well-being during the pandemic. We examined the data through descriptive statistics and Chi-square tests. We synthesize a wide range of information from the literature on well-being and economy and use the Wellbeing Index as a standardized scale. According to the study's findings, income level is relatively related to happiness. The general well-being of the population under investigation is below average. Young and single people have a higher quality of life. In conclusion, economic and social variables are essential and related to psychological well-being.