Financial well being is the extent to which people both perceive and have: (i) financial outcomes in which they meet their financial obligations; 

(ii) financial freedom to make choices that allow them to enjoy life; 

(iii) control of their finances; and 

(iv) financial security now and into the future. 

There is a misconception with current literacy programs that knowledge ONLY provides an individual with financial capability. While financial knowledge does impact on financial decision making (9% knowledge), the greatest determinant of financial well-being is the applied behaviour and psychology that an individual has and executes. This may be impacted by events (potentially traumatic) and their upbringing. Therefore, while it is important to educate (financial literacy) it is also important to teach the unconscious mind to be comfortable with money.

Financial literacy is a combination of financial knowledge, skills, attitudes, and behaviours necessary to make sound financial decisions, based on personal circumstances, to improve financial wellbeing. Having financial literacy means being able to understand and navigate the financial landscape and make good decisions about money. This can benefit individuals, families, and communities. It helps people make informed choices, day-to-day and throughout their lives