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Financial Well-Being as a Continuum
The federal Consumer Financial Protection Bureau (CFPB) defines financial wellbeing as:
- having control over day-to-day finances
- being able to absorb a financial shock
- being on track toward financial goals
- having the freedom to make choices that help you enjoy life
As a continuum that is not strictly aligned with income level, financial wellbeing ranges from severe financial stress to being highly satisfied with one's financial situation. Through education, opportunity, and support, people can move along the continuum to greater financial wellbeing.
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Financial Well-Being
Financial security is the perception that you have enough money, so you don't routinely worry about it.
Financial well-being enables people to enjoy everyday pleasures of life: seeing your children do well, having friendships, good relationships, being abl...
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Financial Well-Being as Freedom
According to a 2018 survey, the vast majority of respondents defined financial well-being in terms of freedom.
- 21 percent said it meant freedom from financial stress.
- 21 percent point to freedom from worry about unexpected expenses.
- 21 percent ...
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Considering How Much is Enough
You don't have to be wealthy to achieve financial well-being. Research shows that beyond a modest point, more money has a limited effect on happiness.
- Once our basic needs are met, we can quickly get used to increased wealth. Our financial status may...
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Benchmarks Can Raise Stress
Financial experts often use general benchmarks to set standards for financial wellness, such as an emergency savings fund covering three to six months of expenses, or the amount needed for retirement.
But if you are feeling financial stress, these targets can feel intimidating. Overly ...
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