Ensuring the Psychological Aspects of Individuals’ Economic Security: Income, Economic Happiness, and Empirical Evidence

Abstract

Economic security, as a key aspect of state strategy, continues to remain at the forefront of political research and public debates. In light of contemporary global challenges, including geopolitical tensions and economic disruptions such as the COVID-19 pandemic and Russia’s war against Ukraine in 2022, which continues to cause significant harm to the lives, security, and health of individuals in Ukraine and other countries, it is important to consider not only macroeconomic indicators but also the individual economic conditions of citizens. This study is based on data obtained within the framework of the seventh wave of the World Values Survey (WVS), conducted in South Korea. I applied the ordered logit regression (OLR) method and conducted statistical analysis using Stata software to explore the relationship between objective and subjective indicators of individuals and the consequences of subjective feelings of anxiety, level of happiness on the perception of one’s own health. The obtained results clearly demonstrate a strong positive correlation between individuals’ personal economic indicators and their subjective sense of satisfaction and happiness. This indicates that individual economic conditions significantly influence psychological well-being and overall life satisfaction. Moreover, data analysis highlights the need for the development and implementation of effective social programs and strategies aimed at supporting citizens’ economic well-being. Thus, there is a call for active government involvement in creating conditions to improve the economic status of the population with the aim of enhancing happiness levels and overall societal well-being, particularly for those countries with abundant resources to ensure economic prosperity but instead of prioritizing the economic security of their citizens, focus on external threats and under the pretext of security initiate wars against other countries. It is recommended to adopt an approach that balances attention to macroeconomic aspects with consideration of individual citizens’ needs, thereby contributing to sustainable and harmonious societal development. The scientific findings of this study can serve as a basis for the development and implementation of more effective social and economic policy strategies aimed at improving citizens’ quality of life and public welfare.