What is financial security of people?
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Financial security refers to a person's confidence in affording present and future needs. It plays a crucial role in psychological well-being and perceptions of meaning in life. Financial security is influenced by factors such as income, debt obligations, and the ability to provide for oneself in case of income loss. Enhancing financial literacy is essential, especially for individuals with mental illness who are less likely to have savings. The concept of financial security extends beyond mere financial stability to include effective money management, asset accumulation, and resilience against economic uncertainties. Research emphasizes the importance of addressing financial security through community and economic development activities to promote overall welfare. Ultimately, financial security ensures a stable standard of living and contributes significantly to individual and collective well-being.
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| Papers (5) | Insight |
|---|---|
Open access 01 Jan 2014 | Financial security for individuals refers to having a stable income or resources to maintain a desired standard of living presently and in the future, encompassing spending, saving, credit use, and investment. |
12 Citations | Financial security refers to a person's confidence in affording present and future needs. It significantly impacts psychological well-being and meaning in life, as shown in the research. |
13 Citations | Financial security for people with psychiatric disabilities involves enhancing financial literacy, asset accumulation, and reducing debt to promote economic stability and choice in allocating resources for essential needs. |
| Financial security of people is measured by debt status and ability to sustain themselves without current income. It impacts environmental behavior, showing a decline in overall financial security from 2020 to 2021. | |
24 Oct 2019 | Financial security of people refers to protecting individuals' financial interests from risks, threats, and challenges, ensuring their economic stability and ability to conduct financial activities effectively. |
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