Financial Wellbeing of Individuals in India

Abstract

Financial wellbeing refers to an individual's sense of security and satisfaction with their current and future financial situation. It encompasses various aspects of one's financial life, including income, savings, debt, investments, and financial goals.Having good financial wellbeing means that a person has the ability to manage their finances effectively, make sound financial decisions, and plan for the future. This can lead to reduced stress and anxiety related to money, increased feelings of financial security, and a greater sense of control over one's financial future. Achieving financial wellbeing often requires a combination of financial knowledge, discipline, and strategic planning. It can be enhanced by developing healthy financial habits such as budgeting, saving, investing, and avoiding excessive debt. Additionally, seeking professional advice and education about financial matters can also help improve one's financial wellbeing. Financial wellbeing is much needed for an individual's overall well-being and quality of life, as it can reduce stress and anxiety associated with financial concerns, improve physical and mental health, and more fulfilling lives while contributing to overall social and economic progress.