Enough to Last? Subjective Financial Well‐Being in Retirement: The Role of Beliefs, Emotions, and Behaviors

ABSTRACT Population aging raises important questions about retirees' subjective financial well‐being (SFWB). Yet most research focuses on wealth accumulation, overlooking how SFWB unfolds during the decumulation stage of life. This study explores how SFWB manifests during retirement and the individual and ecosystem factors that influence it. Through focus groups and interviews with 272 Australian participants, including retirees and ecosystem members, we develop a dynamic tri‐component framework in which beliefs, emotions, and behaviors shape SFWB. We show that SFWB in retirement is not a static assessment of financial resources, but an evolving system that is influenced by unexpected life events, policy changes, planning engagement, and media narratives. Interventions like lifestyle‐based planning and scenario modelling can help retirees move from uncertainty and fear toward confidence and financial resilience. Our study extends prior models of FWB and offers practical pathways for supporting retirees through integrated cognitive, emotional, and behavioral strategies.