What is Emergency Fund

Appropriately managing finance and the economy is not an easy task. Especially, the young people are very concerned about that. Mental accounting biases always drive them on the wrong path where they make inefficient financial decisions. In the future, this kind of bad decision therefore leads to financial stress. The researchers have focused on this area and tried to show how mental accounting influences the economic well-being of young people. More or less, in the behavioural finance sector, everyone has considered mental accounting as a detrimental factor. However, the researchers have shown whether there is any connection between mental accounting and financial well-being and how mental accounting biases can be controlled or used positively. Moreover, the readers would be able to get a proper overview of mental accounting, its different examples, as well as financial well-being.