Financial status

Definition

The term refers to an individual or group's overall financial condition or situation, including income, savings, debt, assets, and expenses.

Related terms

Wealth gap: Refers to the unequal distribution of wealth among individuals or groups within a society.

Poverty line: A threshold set by governments that determines if someone is considered living in poverty based on their income level.

Disposable income: The amount of money someone has left after taxes are taken out that they can use for spending or saving.