What is Financial Wellbeing?
Financial Wellbeing is personal to each individual and not only defined by external factors such as earnings and savings.
It encompasses a person’s relationship with money, how money activity makes them feel and how it impacts their mental wellbeing and relationship with others.
"Financial wellbeing is about feeling in control of your money and being hopeful about your financial future. People who experience financial wellbeing worry less about money which has a positive influence on their overall mental and physical health and on their relationships with others." The National Forum for Health and Wellbeing at Work
We believe there are 3 pillars that underpin financial wellbeing which we call the 3 C’s of Financial Wellbeing:
3 Pillars of
Financial Wellbeing
Confidence
to make financial decisions
Control
over budgeting and debt
Capacity
to save for the future
To make informed decisions about our finances. This confidence comes from knowledge, financial literacy and experience.
A feeling of being in control of personal finances. It’s when everyday budgeting and debt is manageable.
The financial capacity to handle an unexpected, but necessary, expense of £850 (the figure used by the office for National Statistics in their UK Household Finances Survey).
The UK Financial Wellbeing Strategy outlines a decade-long plan aimed at supporting individuals with their money and saving for retirement.
How MoneyFit Helps Improve Financial Wellbeing
MoneyFit has been designed to help increase users’ levels of Confidence, Control and Capacity with money, leading to improved financial wellbeing.
Financial Wellbeing is a marathon not a sprint, so MoneyFit is best used over a period of time (rather than in just one visit). Here are some tips on getting the most out of MoneyFit:
An intuitive knowledge-base of information about money, including links to pre-researched content and a glossary of financial terms.
Complete the Money Personality Quiz to understand your Money Personality type. It's 100% anonymous and takes just 5 minutes.
Targeted exercises aimed at improving financial wellbeing with specific focus on the three areas of everyday budgeting, managing debt and saving for the future.
Interactive modelling tools to help visualise the maths of money and understand the impact of variables such as APR interest and time.
Resources to support with debt emergencies, scam advice, gambling addiction, and money and mental health.
Visit the Books and Blogs section and sign up to blogs. There are a lot of great resources out there for those that want to learn more about personal finances.
