Financial wellness is defined as the overall financial health of an individual. As researchers at Gallup cite, financial wellness is how you manage your economic life. As your financial wellness increases, so should your quality of life.
Let’s talk more about the details of the meaning of financial wellness.
There are a lot of variables that go into what makes up financial wellness. Dependent on your stage of life, you’re probably thinking about money differently.
For example, many baby boomers are on the cusp of retirement while millennials are still in the thick of their careers. And Gen X and Gen Z-ers are likely just starting their journey to attain financial wellness. But each generation has a unique attitude towards money — and what it means to attain financial wellness.
To examine your financial wellness, start with these considerations:
- Are you prepared for an emergency?
- What’s your attitude towards money? How does talking or thinking about money make you feel?
- Do you have short-term and long-term financial goals?
- Do you have a budget? Do you stick to it?
- What’s your retirement plan?
Just like every other aspect of life, everyone’s financial journey is different. But one thing is undeniable: everyone deserves to feel financially secure.