12.3 Factors that Promote Financial Well-Being
Financial well-being, or how satisfied you are with your financial situation, is shaped by various factors—some within our control, others not. Social and economic environments significantly impact each person’s starting point in life.
For instance:
- Some individuals grow up with financial security, access to quality education, and strong professional networks—advantages often referred to as economic privilege.
- Others may start with fewer resources, face financial hardship, or have limited access to opportunities.
While starting points differ, financial growth and success are possible for everyone. The key lies in recognizing and taking advantage of opportunities. While some opportunities come through luck, most are created through effort, strategic decision-making, and continuous learning.
The flow chart below demonstrates how cultivating a strong work ethic, making informed financial choices, and acquiring new skills can develop productive financial behaviours. These behaviours not only lead to greater financial stability and satisfaction but also open the door to even more opportunities.
Activity
Text Description
A flow chart with the following terms and statements:
- Level 1:
- Social and Economic Environment: What surrounds you in your family and community?
- Level 2:
- Personality and Attitudes: How you tend to think, feel, and act.
- Decision Context: How a particular decision is presented.
- Behaviour: What you actually do.
- Available Opportunities: What options are open to you?
- Level 3:
- Personal Financial Well-Being: How satisfied are you with your financial situation?
