Yusra3
VIP Contributor
Financial wellbeing is a vague concept. In fact, it's not even a term that's defined in any official document or policy.
It's not like we can say, "Financial wellbeing means being able to pay your bills on time." That's too specific! Financial wellbeing is more of an umbrella term for all the things that make you feel good about your financial situation and how money works in general.
Financial wellbeing has many different components. it's not just about having enough money to cover basic needs. It also includes having a healthy relationship with money, feeling confident with your finances and being able to trust yourself around money issues. It helps if you have a plan for managing your money, which includes knowing where the money comes from and where it goes. whether that's through taxes or gifts or just some kind of savings account (like a checking account). Financial wellbeing also involves feeling like you're doing something positive with your time and energy by planning for the future. whether that's saving for retirement or investing in stocks or paying off debt right now (or whatever).
If there's one thing we can say about financial wellbeing, it's that all these things are important!
It's not like we can say, "Financial wellbeing means being able to pay your bills on time." That's too specific! Financial wellbeing is more of an umbrella term for all the things that make you feel good about your financial situation and how money works in general.
Financial wellbeing has many different components. it's not just about having enough money to cover basic needs. It also includes having a healthy relationship with money, feeling confident with your finances and being able to trust yourself around money issues. It helps if you have a plan for managing your money, which includes knowing where the money comes from and where it goes. whether that's through taxes or gifts or just some kind of savings account (like a checking account). Financial wellbeing also involves feeling like you're doing something positive with your time and energy by planning for the future. whether that's saving for retirement or investing in stocks or paying off debt right now (or whatever).
If there's one thing we can say about financial wellbeing, it's that all these things are important!
