Financial wellbeing, tells us a lot about where we actually live with finances but also how we can enjoy them.
"Financial wellbeing" is about a sense of security but also a feeling that you have enough money to meet your needs. It's about having control over your daily finances, having the financial freedom to make choices that allow you to enjoy life.
People perceive the concept of financial wellbeing as a state of well-being - when a person can fulfil his or her current financial obligations but also some that follow, he feels certainty in the financial future and is able to make choices that allow him or her to enjoy financial health.
Your financial well-being includes the following elements:
- have control over finances;
- have a financial 'safety cushion' against unexpected expenses and emergencies;
- have financial objectives;
- be able to make choices that allow you to enjoy life.
Like physical well-being, the problem of creating and maintaining financial well-being is not just in the complexity of the financial world, but in every aspect of it. The CFPB financial wellbeing scale helps you identify factors and assess your financial well-being like you've never done before.