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Mindfulness, the meditation practice that brings one's attention to present experiences, is gaining traction in the business world.

Researchers have long known that being mindful causes physical and mental benefits such as better brain health, decision-making and stress resilience. Major companies such as Google, Aetna and Intel offer mindfulness training programs as a way to boost employee well-being and productivity.

Building on this trend, financial products and services are starting to use the term "financial mindfulness" as a way to appeal to consumers. For instance, Fidelity talks about the importance of mindfulness in saving and investing, while PNC and Vanguard focus on regulating your emotions during financial planning.

Retailers offer financial mindfulness journals that claim to help people distinguish needs from wants and set financial goals. Books such as "Mindful Money" and "The Mindful Millionaire" explore how to achieve peace and prosperity through money management. Fintech has hopped on the financial mindfulness bandwagon, with apps such as Financial Mindfulness, Allo: Mindful Money Tracker and Aura, a mindful money management platform designed to "help you put your money to work and anxiety to rest."

But not everyone agrees on what "financial mindfulness" means—and does it even matter?

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