Financial well-being is becoming more prominent in policy, research, and the financial sector. However, there is a lack of understanding of its meaning, and the vast majority of financial well-being research employs quantitative methods whereas recent literature reviews advocate for qualitative studies into the meaning of financial well-being and its associations with age. We contribute to that by conducting exploratory qualitative research into the phenomenon of perceived financial well-being and its components. It is based on three studies each of which used in-depth semi-structured interviews ( N = 47). The first key finding is that youth perceive financial well-being to be comprised of three components: keeping the current lifestyle and making ends meet; achieving desired lifestyle; and achieving financial freedom. In contrast, older groups distinguish only two: keeping and achieving the lifestyle in the present and in the future. The second finding is that the definition of financial freedom differs across age groups. Young people aspire to become financially independent, while middle-aged individuals prioritize supporting their children, and older people are afraid of becoming a financial burden. Third, regardless of age, many do not plan, save or invest for securing their financial well-being. We conclude by proposing implications for increasing financial well-being in different age groups, and suggesting paths for further investigation.

It should read as, For me, money is not important; money is only an instrument. (Interviewee 1) 4. The sentence "While several individuals saw financial well saw FWB as a three-stage journey, while older ones perceived it as a two-component concept" was incorrect.The correct sentence should read as, "Our findings indicate that younger people saw FWB as a three-stage journey, while older ones perceived it as a two-component concept."5. In Study 2 the last quote is: "Financial well-being is guaranteed when basic need-sare met and a little more. (Interviewee 6)"It should read as, Financial well-being is guaranteed when basic needs are met and a little more. (Interviewee 6)Publisher's Note Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.