Economic well-being is defined as having present and future financial security. Present financial security includes the ability of individuals, families, and communities to consistently meet their basic needs (including food, housing, utilities, health care, transportation, education, child care, clothing, and paid taxes), and have control over their day-to-day finances. It also includes the ability to make economic choices and feel a sense of security, satisfaction, and personal fulfillment with one’s personal finances and employment pursuits. Future financial security includes the ability to absorb financial shocks, meet financial goals, build financial assets, and maintain adequate income throughout the life-span.
Economic well-being may be achieved by individuals, families, and communities through public policies that ensure the ability to build financial knowledge and skills, access to safe and affordable financial products and economic resources, and opportunities for generating income and asset-building. It occurs within a context of economic justice within which labor markets provide opportunities for secure full-employment with adequate compensation and benefits for all.
(Updated October 2016)