Money Matters: How Economic Demographics Shape Wellbeing of Young Adults in a Collectivistic Culture

Wellbeing is influenced by economic demographics, particularly in the collectivistic culture of Pakistan, where collective goals are preferred over individual goals. Wellbeing of young adults needs to be explored specifically with respect to financial variables and unfavorable economic conditions. In this survey 1563 young adults were selected using proportionate stratified sampling from five cities of Punjab. MANOVA and t tests showed that wellbeing of young adults is linked to other earning members in the family, average household income, father’s occupation and personal work status. Their wellbeing was not linked to their mother’s occupation, online or offline work mode, or personal income. In addition to some limitations, this research also has some significant suggestions and implications for future research and policy making. Finances and wellbeing are strongly influenced by the collectivistic orientation of youth. Their financial prowess needs to be developed using this collectivistic background. The key takeaway is that wellbeing of youth in collectivistic cultures is not a solo endeavor; it is deeply connected to and affected by financial factors of the whole family.