Financial Wellness
Financial wellness refers to the overall financial health of individuals and their attitudes toward that situation. The term is sometimes used interchangeably with financial well-being. Financial literacy, resources, financial behaviors, and attitudes about financial matters, may all influence financial wellness. Also, setting and meeting financial expectations can improve general well-being.
Each of us has the option and responsibility to decide what kind of future we want. Many people fall into a lifestyle that puts their financial well-being and wellness at risk.
It is very important to understand your financial situation and money basics and how they apply to you. Taking control of your financial situation is the most important part of your financial wellness but it doesn't need to be intimidating. You can learn financial terms on your own time, in your own space and get free, trustworthy advice with no strings attached from many free resources. You can use financial knowledge to create your own personal plan, or as the starting point for a conversation with a financial professional.
It is very important to develop a personal financial game plan because money matters for your peace of mind today, and it matters for your security tomorrow.
There is a clear connection between financial wellness and physical health. Those who say they are financially well are more likely to describe their health as "good" or "excellent" (70%), than those who are financially unwell (50%).
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Did You Know?
Financial wellness is a growing concern for many people. Recognizing the challenges and address your financial wellness are very important steps and good start toward taking appropriate action to improve it.
There is connection between an employee's overall health, financial wellness and productivity. Employee financial wellness programs are work-placed programs that both "access and support" the financial wellness of employees.
Financial wellness depends on many factors and is not always easy to maintain.
Financial wellness enables people to better enjoy life in general.
What You Should Know
The fitter your financial affairs, the fitter you’ll be to face and manage medical setbacks. Healthy behaviours deliver healthier outcomes.
People with a low level of financial wellness usually lack the resources or the confidence to manage their financial affairs, and consequently experience stress and anxiety about financial matters.
People with a high level of financial wellness have both the resources and the confidence to manage their financial affairs, including budgets, retirement plans, investments, debts, and insurance
Financial wellness is not based simply on having more money; it is also based on individual characteristics -- such as attitudes, knowledge, skills, habits, and even confidence.
Every aspect of wellness can affect a person’s life. Working toward all of them in one way or another is a great goal, because wellness relates directly to the quality of a person’s life.
Globally, higher levels of financial literacy are associated with higher education, higher income, age (with older people scoring higher than younger ones), sex (with men scoring higher than women), and marital status (with married people scoring higher than unmarried.
The eight dimensions of wellness interact continuously; influencing and being influenced by one another. Keep in mind that making a change in one dimension often affects some or all of the others.
Setting personal goals can help you progress toward well-being with your finances.
