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Much of the literature on household finance tends to focus on relatively objective measures of financial security (e.g., savings, income, financial knowledge), and there has been less research on measures of subjective financial well-being. This gap is due in part to the absence of a common understanding on defining and measuring subjective financial well-being. The Consumer Financial Protection Bureau has recently developed a new Financial Well-Being Scale that provides a comprehensive way to measure this construct. The research on this scale is still scarce and little is known about how subjective financial well-being evolves over time. This paper uses a two-wave survey of low- and moderate-income tax filers to present among the first longitudinal analyses of this scale. Through descriptive analysis and lagged dependent variable regressions, we assess (1) the stability of financial well-being over a …