With savings rates at record lows and inadequate long-term financial planning for retirement, financial well- being has become an important topic for individuals and households as well as for societies and countries. Re- search on the topic, however, remains scarce and scattered across disciplines. The present paper aims to consol- idate and extend knowledge on financial well-being and makes a three-fold contribution to the discussion. First, we propose a new definition based on a perceptual perspective of financial well-being and link it to an individual's current and anticipated desired living standard and financial freedom. We then develop a framework that distinguishes key elements of financial well-being; namely, interventions and financial behaviors, conse- quences, contextual factors, and personal factors. We then present a research agenda to guide future research on financial well-being. This work is designed to inspire researchers to continue expanding the knowledge so that financial institutions can take measures to increase financial well-being.