In today’s world, financial security is becoming more and more important. Considering market volatility, global macro-economic shocks, changing consumer preferences and post-pandemic world conditions, people are looking for products and services which will contribute to their financial security and wellness.
In this respect, the concept of financial well-being is starting to gain more traction in recent years. But, what exactly is financial well-being? Financial well-being is a set of concepts and tools which enable banking customers to create a long-term plan to provide them with comprehensive financial security. When we look at the market applications of this concept, there are four essential elements: control over day-to-day finances, capacity to absorb financial shocks, financial freedom to make choices, and being on track to meet your financial goals. Let’s take a close look at each of them:
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