Financial well-being

Financial well-being is a state of being wherein a person can fully meet current and ongoing financial obligations, can feel secure in their financial future and is able to make choices that allow them to enjoy life.
More specifically, an individual’s financial well-being corresponds to the extent to which the individual feels that he or she: (1) has control over day-to-day and month-to-month finances; (2) has the capacity to absorb a financial shock; (3) is on track to meet his or her financial goals; and (4) has the financial freedom to make the choices that allow one to enjoy life.
Although specific goals and vision of the good life vary from person to person, these four elements reflect two common and consistent themes: security and freedom of choice, in the present and for the future.

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