What is meant by the term "work-life balance"?

The term "work-life balance" refers to the equilibrium between the demands of one's work and personal life. It emphasizes the importance of allocating sufficient time and energy to both professional responsibilities and personal responsibilities, such as family, leisure activities, and self-care. Achieving a good work-life balance can lead to improved mental and physical health, enhanced productivity, and overall greater satisfaction in both areas.

The other choices revolve around different concepts. Career advancement opportunities relate to professional growth, which doesn't directly address the balance aspect. Excessive workload management refers to handling too much work, which could negatively impact work-life balance rather than describe it. Financial planning strategies focus on managing finances and do not encompass the broader concept of balancing work with personal life commitments. Thus, the focus on balancing work with personal responsibilities is what makes the correct answer accurate.