Consumer-driven definition of personal financial well-being
The CFPB’s research team listened to people around the country talk about what financial well-being
means to them. With this input, we can now share the first-ever definition of financial well-being
created directly out of the voices of consumers. Consumers can experience financial well-being—or a
lack of it—regardless of income.
It’s a highly personal state,
not fully described by objective financial
measures. Instead, well-being is defined as having financial security and financial freedom of choice,
in the present and in the future.