Financial Wellbeing

Branch Four

Financial wellbeing is the peace of mind around financial plans. Some people may not yet be financially stable but with a plan in place they can reach stability. It could be that a person needs plans to realise their financial goals
to get them back on track. Financial wellbeing also covers the education around money and finances as well as confidence.

One of the key challenges we face right now is around finances, ranging from poverty to hugely reduced, or no longer having a disposable income. Another example would be someone’s plans to retiring at 55 being knocked off track.
Finances are one of the biggest contributing factors to stress. To add to this, most people have never had any personal finance education.

Managing day to day money can be a challenge for some. Whilst others may need an understanding around retirement and pensions; the impact of debt and how to manage it; or how to save for the future – all so important for manging personal wellbeing. When there isn’t a plan in place around financial goals it creates unease, stress, worry and anxiety, it has a direct effect on someone’s wellbeing, their overall sense of ‘wellness.’

Financial wellness is not about giving people more money. It is about giving them the tools, education and understanding in how to plan and prepare for their financial goals.

Stress is the main cause of workplace absence and the biggest cause of stress is money worries with 94% of employees admitting they worry about money and 77% stating these worries impact them at work. (Close Brothers Financial Wellbeing Index 2019)

THE BENEFITS

Financial wellbeing empowers people to take control. Achieve things with their lives they never thought possible. While people feel empowered, in control and well; they are generally happier, more motivated, and proactive. Which can have a substantial benefit to an organisation.

Mental Wellbeing

For many of us in the workplace right now we have little education about mental health. In the past it wasn’t something that was covered in schools, and unless someone has specifically taken a course to educate themselves, knowledge is often limited.

Social Wellbeing

As humans we are wired for connection. And therefore, social interaction is essential for us to function, and sustain good wellbeing. We are all different and we will each personally have different requirements around social wellbeing.

Physical Wellbeing

Physical wellbeing is about how we look after our physical self. This is everything from keeping active, to feeding our bodies the right nutrients, through to getting the right amount of sleep. Physical wellbeing has a direct impact on our mental health.

Financial Wellbeing

Financial wellbeing is the peace of mind around financial plans. Some people may not yet be financially stable but with a plan in place they can reach stability. It could be that a person needs plans to realise their financial goals to get them back on track.