Exploring Financial Wellbeing in the Australian Context

Abstract

Definitions of financial wellbeing have begun to emerge internationally [e.g., Consumer Finances Protection Bureau 7]. However, Australia lacks a definition. This project, commissioned by Financial Literacy Australia, fills this gap. It provides a definition for financial wellbeing that aims to be relevant to, and meaningful for, Australians of different ages and the people who work to improve financial outcomes. The project asked: - What is financial wellbeing, and what are its different parts? - What are the factors that influence financial wellbeing? - Where does financial capability fit in? - How can we measure financial wellbeing? These questions were answered using data from an international literature review; focus groups and interviews with 72 people; a survey of 821 people living in Australia aged 18 and over; and consultations with experts in the field (from for-profit, not-for-profit and government sectors).