Addressing both financial literacy and financial well-being at institutions of higher education, and in the workforce education sphere, has become a recent focus of effort. 

The overall “financial literacy” effort that has been in development and deployment for the last two decades carried with it a heightened focus on the knowledge-based content of financial education. A participant would take a class, attend a workshop, or read a book and then be tested on the knowledge acquired, retained, and remembered.  This education, although important, showed minimal increases in overall levels of financial literacy, and even less impact on financial behaviors. The advent of the behavioral finance and financial psychology movement created a researched and validated emphasis on the development of financial wellbeing. 

Financial wellbeing is a larger conceptual construct that includes financial literacy education, but also incorporates programming aimed at motivation, experience, attitudes, emotions, cultural context, opportunities, and the larger social and economic environment. 

Financial wellbeing attainment allows for control over day to day finances, freedom to make choices to enjoy life, the capacity to absorb financial shock, and being on track to meet financial goals.

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