The most talked-about areas of wellness are around exercise and nutrition, but it’s time we add financial wellness to the list.
What is financial wellness?
When we say financial wellness, we’re not talking about how much money you have or how good you are at resisting online shopping.
Financial wellness has to do with being able to meet your current financial needs, setting yourself up for the future, and having control over your money decisions.
It’s being able to handle those unexpected expenses like a broken car or dentist visit, and bouncing back after tough moments like divorce, illness or unemployment.
But… it’s different for everyone.
Like our physical health, everyone has the right to be financially well and can get there by building good habits. We all have different financial goals – not to mention hobbies, expenses and living situations – which means there’s no one right way to financial wellness.
Take a minute to absorb these stats
According to a recent Wisr survey, 48% have suffered stress at work because of their personal financial situation. The reasons for this vary, but in order to change, it’s about knowing where to start.
As a result of financial stress:
64.5% of employees said they had experienced feelings of panic or anxiety at work.
34.5% were unable or unwilling to participate in work activities.
43% said they’d felt tired at work.
These numbers are concerning but not surprising since shopping from your phone or your Instagram feed has never been easier. Micro financial decisionslike buying that second coffee! are made constantly every day, making it all tough to track.
So, where to start?
Every small decision counts, don’t discount the impact that seemingly small choices have.
Start with day-to-day habits like automating payments so you never forget any important bills or deadlines.
Check your credit scores. They are a key indicator to what financial products and interest rates you may be offered from banks and lenders.
Use tech to your advantage. Try rounding up daily transactions like your lunch or coffee to pay down your debt, and track your purchases with smartphone apps.
Finally, remember, it’s never too late to start! So get interested and start educating yourself today.
Disclaimer: This article contains general information only, and is not general advice or personal advice. Wisr Services does not recommend any product or service discussed in this article. You must get your own financial, taxation, or legal advice, and understand any risks before considering whether a product or service discussed in this article may be appropriate for you. We have taken reasonable efforts to ensure that the information is accurate at the time of publishing, but the information is subject to change. We may not update the article to reflect any change.