Certified Plan Sponsor Professional (CPSP) Practice Exam

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Which of the following is NOT an element of financial well-being?

Control over day to day finances
Capacity to absorb a financial shock
Financial freedom to make choices
Reliance on government assistance

The correct answer is: Reliance on government assistance

Financial well-being encompasses several key elements that contribute to an individual's overall financial health. Control over day-to-day finances, the capacity to absorb financial shocks, and financial freedom to make choices are all essential components of this concept. These elements imply the ability to manage one's money effectively, navigate unexpected expenses, and have the flexibility to make decisions that align with personal values and goals. In contrast, reliance on government assistance suggests a dependency on external support rather than an empowered financial status. This does not align with the concept of financial well-being, which emphasizes autonomy and the ability to make independent financial decisions. Therefore, it is not viewed as a positive element contributing to financial well-being.