Financial Resilience
Financial resilience refers to the ability of individuals or organizations to withstand economic challenges and recover from financial setbacks. This includes having a solid savings plan, manageable debt levels, and a diversified income stream. By building a strong financial foundation, people can better navigate unexpected expenses or economic downturns.
To enhance financial resilience, it is important to create a budget, track spending, and set aside an emergency fund. Additionally, investing in financial education can empower individuals to make informed decisions, ultimately leading to greater stability and security in their financial lives.