Economic and financial well-being: approaches to measurement

ntroduction. While economic growth is an essential indicator of a country's development, it does not always guarantee an improvement in the population's well-being, in particular when the benefits of this growth are unevenly distributed. In the context of the ‘beyond GDP’ concept shift, there is a growing awareness in economic theory and practice of the need to move away from traditional quantitative indicators of economic development to more comprehensive measures that take into account such aspects as economic inequality, environmental sustainability and overall living standards. Problem Statement. Due to the need for a comprehensive approach to assessing well-being and formulating domestic policies that promote sustainable and inclusive economic growth, new indicators based on the analysis of foreign experience must be introduced to transition to approaches that take into account the level of economic and financial well-being of the population. Purpose. This article aims to identify the features of measuring economic and financial well-being. Methods. The methods of generalisation, evolutionary, comparative and quantitative analysis are used. Results. An overview of the evolution of scientific views on the concept of economic well-being is presented with the emphasis on the difference from financial well-being, which is determined at the individual level. The methodological approaches to measuring well-being and their limitations are generalised. Focus is given to the drawbacks of using GDP per capita as a measure of economic well-being. Key features in measuring economic well-being are noted, such as multidimensionality, the use of subjective and objective indicators, and taking into account the role of economic inequality. Financial well-being peculiarities in groups of countries by income level, including Ukraine, are highlighted. Recommendations for considering the level of economic well-being in implementing sustainable development policy in Ukraine are formulated. Conclusions. The diversity of approaches to assessing multidimensional well-being, particularly subjective and objective, demonstrates that well-being cannot be reduced to a single indicator; it requires a comprehensive multidisciplinary analysis covering both quantitative and qualitative aspects.