10 sources: 2 cross-sectional studies, 1 narrative review, 7 systematic reviews
Financial · Concept
What Financial Well-Being Means
Financial well-being is described in reviews as a dynamic, multidimensional construct, studied mostly as a subjective state, whose definition and measurement are still disputed.
Beta content: this dimension's review set is version 0.9-beta and upgrades in place after the Round-2 internal reviews.
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Before you start
None; this is educational reflection only
When to seek a professional
- Personal financial decisions, investment choices, or tax/legal questions: refer to a qualified fiduciary financial professional or accredited nonprofit financial counselor (e.g., NFCC-affiliated)
- Active debt crisis, collections, foreclosure, eviction, or bankruptcy risk: refer to a nonprofit credit counseling agency or licensed debt professional
One 10-15 min self-reflection using the four pillars of financial well-being
For most adultsStudentsWorking adults
What the evidence says
What the sources say
A four-part definition of financial well-being (control over finances, capacity to absorb a financial shock, being on track to meet goals, financial freedom of choice) is presented here as an organizing frame rather than settled science: reviews find the construct is multidimensional and still lacks measurement and definitional consensus. The framework's originating source is not in this corpus.
Common misconceptions
- Financial well-being just means being rich (reviews describe it as a dynamic, multidimensional construct, not a single income figure)
What we won't claim
- Do not recommend specific investments, securities, funds, accounts, insurance, or financial products
- Do not provide personalized or individualized financial, investment, tax, or legal advice
- Do not promise or imply specific financial returns, savings amounts, or guaranteed outcomes
- Do not claim this content replaces a licensed financial advisor, accountant, or credit counselor
- Do not present the four-part well-being definition as a diagnostic or clinical instrument
10 sources: 2 cross-sectional studies, 1 narrative review, 7 systematic reviews
- Agreement
- Direction recorded for 0 of 10 sources; not yet recorded for the rest.
- The claim's outcome
- Outcome not yet recorded
- Certainty
- No source states a certainty rating.
What each source measured and concluded (10)
systematic review · 2022
Leung et al. (2022) — Understanding the role of financial health literacy in midlife and old age: A scoping review
- What it measured
- How financial health literacy (FHL) is described, measured, its influencing factors and outcomes
- How it was read
- screened only, not extracted
- What the review says it includes
- Scoping review (PRISMA extension)
- Studies and participants, as stated
- 29 articles
systematic review · 2023
Ritter et al. (2023) — Financial Hardship Among Families of a Child or Adolescent with Cancer: A Systematic Literature Review
- What it measured
- Prevalence and components of financial hardship across six domains
- How it was read
- screened only, not extracted
- What the review says it includes
- Systematic literature review
- Studies and participants, as stated
- 123 studies (data spanning 47 countries)
- Heterogeneity, as stated
- Extensive heterogeneity in methods/measures resulted in incomparable prevalence estimates; components varied across country income contexts
systematic review · 2020
Lee et al. (2020) — Measures of financial burden for families dealing with serious illness: A systematic review and analysis
- What it measured
- Identification and properties of measurement tools/scales assessing financial burden
- How it was read
- screened only, not extracted
- What the review says it includes
- Systematic review and analysis
- Studies and participants, as stated
- 31 measures (from articles published 2006-2020)
systematic review · 2021
Hassan et al. (2021) — Financial Wellbeing and Mental Health: A Systematic Review
- What it measured
- Measures of financial wellbeing and mental health and how financial wellbeing affects mental health
- How it was read
- screened only, not extracted
- What the review says it includes
- Systematic review
- Studies and participants, as stated
- 37 documents (from 2,222 identified; 2001-2019)
systematic review · 2026
Putri et al. (2026) — Digital Financial Literacy: Emerging New Dimensions in the Digital Economy Era
- What it measured
- Evolving concept and framework of Digital Financial Literacy (DFL)
- How it was read
- screened only, not extracted
- What the review says it includes
- Systematic review plus expert interviews (mixed methods)
- Studies and participants, as stated
- 237 journal articles and 9 expert interviews
narrative review · 2023
Riitsalu et al. (2023) — The bottlenecks in making sense of financial well-being
- What it measured
- Issues in defining, conceptualising and measuring financial well-being
- How it was read
- screened only, not extracted
systematic review · 2022
Bashir et al. (2022) — A Systematic Literature Review on Personal Financial Well-Being: The Link to Key Sustainable Development Goals 2030
- What it measured
- Synthesis of financial well-being research linked to SDGs 2030
- How it was read
- screened only, not extracted
- What the review says it includes
- Systematic literature review (bibliometric, VOSviewer)
- Studies and participants, as stated
- 133 publications from 79 journals
systematic review · 2022
She et al. (2022) — Young adults' financial well-being: current insights and future directions
- What it measured
- Current insights and future directions in young adults' financial well-being research
- How it was read
- screened only, not extracted
cross-sectional study · 2023
Choung et al. (2023) — Digital Financial Literacy and Financial Well-Being
- What it measured
- Financial well-being
- How it was read
- screened only, not extracted
cross-sectional study · 2025
Chhillar et al. (2025) — Exploring the role of digital financial literacy and personal financial behavior in shaping financial stress and well-being in the digital age.
- What it measured
- Financial Well-Being (FWB) and Personal Financial Management Behavior (PFMB)
- How it was read
- screened only, not extracted
Key sources (11) · 1 not counted
Each source below is shown with its study design and a link to the original study, or, where it is not a completed research paper, with what kind of record it is; those are not counted. This is the audit trail.
systematic reviewUnderstanding the role of financial health literacy in midlife and old age: A scoping review
systematic reviewFinancial Hardship Among Families of a Child or Adolescent with Cancer: A Systematic Literature Review
systematic reviewMeasures of financial burden for families dealing with serious illness: A systematic review and analysis
Conference abstractThe Relationship between Financial Wellbeing and Mental Health: A Systematic Literature Reviews
systematic reviewFinancial Wellbeing and Mental Health: A Systematic Review
systematic reviewDigital Financial Literacy: Emerging New Dimensions in the Digital Economy Era
narrative reviewThe bottlenecks in making sense of financial well-being
systematic reviewA Systematic Literature Review on Personal Financial Well-Being: The Link to Key Sustainable Development Goals 2030
systematic reviewYoung adults' financial well-being: current insights and future directions
cross-sectional studyDigital Financial Literacy and Financial Well-Being
cross-sectional studyExploring the role of digital financial literacy and personal financial behavior in shaping financial stress and well-being in the digital age.
Why do some records show a record type instead of a study design?
A study design is shown for a completed, peer-reviewed paper. A registered protocol, a preprint, a conference abstract, a referee report or a book chapter has not been through peer review as a finished paper, so it is labelled for what it is, and it is counted in no source count. Where a record could not be confirmed as a completed paper at all, it says so rather than guessing. They all stay in the list, and their DOI still resolves, because the count of what was screened is part of the audit trail.
- Protocol / registration A registered plan for a review or trial, not its results.
- Preprint Posted by its authors before peer review.
- Conference abstract A conference summary rather than a peer-reviewed paper.
- Peer-review report A referee's report on a paper, not the paper itself.
- Guideline / position stand A recommendation derived from evidence, which is a step further from the data than the evidence itself.
- Book chapter A chapter in a scholarly book rather than a journal paper.
- Type not recorded Our record does not say what kind of publication this is, so it is counted in no source count. That is a gap in our data, not a judgement about the research.
Explore all 254 studies in Financial →
The full evidence base this focus area draws on, every study with its design and DOI.What it is for
Feel more secure about moneyUnderstand myself better