Financial wellbeing as a concept has become popular in the fields of social policy, service delivery and personal financial products. This working paper traces the development of the concept.

The authors, from BSL's Research and Policy Centre and from RMIT University, argue that financial wellbeing should take account not only of a person’s money management skills and access to products but also external factors. These factors include labour market trends, job security and income levels that constrain real choices and opportunities.