Which term describes what a person feels they need to acquire in order to improve their quality of life?

The correct answer is "Need." This term specifically refers to something that is essential for a person's well-being and is critical for improving quality of life. When discussing financial literacy, needs are typically categorized as basic necessities such as food, shelter, healthcare, and education, which are fundamental for survival and overall mental and physical health.

In contrast, "want" pertains to desires for items or services that are not essential but would enhance life. While wants can certainly impact quality of life, they do not carry the same level of necessity as needs. Understanding the distinction between what individuals need versus what they merely want is crucial for making sound financial decisions and setting priorities.