Written by Kathy Paget
Financial Wellbeing may sound a little mysterious, but it can be quite simple.
It is how you manage your money, now and in the future. To have a strong sense of Financial
Wellbeing you don’t need to have more money either, feeling like you have control over your
finances can give you a greater sense of happiness than having more money.
Our health is affected positively and negatively by many different factors. Our finances are much
the same and play a role in our overall Wellbeing, especially impacting stress and our social
life.
In a recent survey of Australian’s receiving Financial Advice, the top intangible benefits from
having a strong sense of Financial Wellbeing included improved mental health, better family life,
improved social life and even improved physical health.
These results are particularly striking given this research was conducted in July 2020, when
the height of the COVID-19 pandemic was widely reported as heightening stress and anxiety for
Australians, particularly around issues of financial wellbeing, mental health and family
relationships.
Emotional aspects experienced by individuals receiving professional ongoing financial
advice compared to unadvised individuals included:
• increase in peace of mind;
• increased level of confidence that their core goals will be achieved; and
• greater levels of happiness.
If you don’t feel financially well maybe it’s time for you to meet with a professional financial
adviser. They will understand who you are, what is important to you and what you would like your
ideal life to look like.
Most importantly, empower you to take control of your financial wellbeing.
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