Financial wellness and financial well-being are used interchangeably and both these phrases refer to state of bliss which is felt by individuals having financial security and financial freedom.
Financial wellness cannot be quantified or objectively defined as it is a matter of personal experience for each individual. Financial wellness should not be confused with being rich. You may be enjoying financial wellness if your expenses are less than your income and if you are saving regularly for your future financial goals by implementing a well constructed financial plan.
A person earning Rs.1 lakh a month may be richer or financially sound than a person earning Rs.2 lakhs a month if his expenses are below Rs.1 lakh as compared to the other person whose monthly income is Rs.2 lakhs, but his expenses are Rs.2.5 lakhs and he is struggling with rising debts.
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