ANALYSIS OF THE ROLE OF ECONOMIC SECURITY AMONG FACTORS OF WELL-BEING DURING GLOBAL CRISES

Abstract

Economic security – the confidence that one can keep earning, meet sudden expenses, and protect basic living standards – has long been recognized as a main component of human well-being. Yet most empirical studies have assessed its influence during relatively stable periods, leaving open the question of how its role changes when society faces a major shock. This article addresses that gap by asking: How does the mutual role of various components of subjective perceptions of security change during a crisis period, and how do these shifts in priorities affect overall well-being?

To answer this, we employ a mixed-methods design. First, a systematic review of peer-reviewed papers and official reports (2008–2024) maps prevailing definitions and metrics of economic security. Second, we conduct a comparative analysis of four multi-dimensional well-being dashboards – the World Happiness Index, OECD Better Life Index, Social Progress Index, and Eurostat Quality of Life Indicators. Supplementary evidence from Eurofound and Eurostat microdata enriches the macro picture by linking objective shifts in financial strain to changes in subjective life satisfaction..

The results of the study show that in “normal” years economic security competes with other priorities (such as health, education, and the environment) but remains a latent foundation of well-being. During periods of systemic shocks, its relative importance rises sharply, and the subjective perception of insecurity quickly translates into a decline in happiness indices, quality of life, and social progress. Institutional trust and large-scale support programs soften the blow but do not substitute for actual economic protection. The 2022 energy shock reproduces the same pattern, indicating that the phenomenon is not crisis-specific but structurally recurring.

These results refine Maslovian and capability-based models by demonstrating that the hierarchy of needs is context-dependent: economic security serves as an indispensable buffer against declines in well-being when external shocks occur. The article concludes that measurement frameworks and policy toolkits should adopt adaptive weighting and strengthen automatic stabilizers so that societies can preserve human well-being under future crises.