Can Financial Wellbeing Exist Without Wealth?

Financial wellbeing is not simply about income or net worth, but a person's ability to function financially with security, agency, and sustainability.

Published on Feb. 27, 2026

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The article discusses the concept of financial wellbeing and how it differs from emotional wellbeing or financial independence. It argues that financial wellbeing is about a person's ability to meet financial obligations, feel secure in their financial future, and make choices that allow them to enjoy life, rather than just about income or happiness. The author challenges the view that someone with low income but high emotional enjoyment can have greater financial wellbeing than someone with a high income.

Why it matters

This article provides an important perspective on the distinction between financial wellbeing and emotional wellbeing, and how they are not interchangeable. It highlights the need to properly define and measure financial wellbeing in order to help people achieve overall wellness, rather than focusing solely on happiness or wealth.

The details

The article cites a definition of financial wellbeing from the Consumer Financial Protection Bureau, which describes it as 'a state of being, wherein a person can fully meet current and ongoing financial obligations, can feel secure in their financial future, and is able to make choices that allow them to enjoy life.' The author argues this definition reflects behavioral research and is distinct from emotional wellbeing or financial independence. The article challenges a view expressed in The Jerusalem Post that someone with low income but high emotional enjoyment could have greater financial wellbeing than someone with a high income.

  • The article was published on February 27, 2026.
  • It references a quote from The Jerusalem Post article published on July 17, 2025.

The players

Rick Kahler

The founder of Kahler Financial Group, a fee-only Registered Investment Advisor firm in Rapid City, South Dakota. He is the author of the article and an expert in financial planning and financial therapy.

Marc Gafni

The author of the article 'The Miserable Rich and Happy Poor' published in The Jerusalem Post on July 17, 2025, who disagreed with the definition of financial wellbeing used in this article.

Consumer Financial Protection Bureau (CFPB)

A U.S. government agency that provided the definition of financial wellbeing used as the basis for this article.

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What they’re saying

“someone with a low income who really enjoys life and funds it through debt could have greater 'financial wellbeing' than someone with a large income.”

— Marc Gafni (The Jerusalem Post)

“A person who funds their lifestyle through borrowing, even if they report enjoying life, is not experiencing financial wellbeing. If they are unable to meet obligations or face growing financial risk, they do not meet the behavioral threshold for financial wellness.”

— Rick Kahler, Founder, Kahler Financial Group (Advisor Perspectives)

The takeaway

This article highlights the importance of properly defining and measuring financial wellbeing, which is distinct from emotional wellbeing or financial independence. It emphasizes that financial wellbeing is about a person's ability to meet financial obligations, feel secure in their financial future, and make choices that allow them to enjoy life, rather than just about income or happiness.