When many people think of good health, the first things that likely come to mind are nutritious meals and regular exercise. But living healthy encompasses more than that. Here is why financial wellbeing is also an essential component.
Defining Financial Wellness
Before going any further, let’s define the main phrase here. In other words, what exactly is financial wellbeing?
Firstly, it refers to the peace of mind that comes from knowing you have enough money to cover bills, as well as emergencies and future monetary goals. Secondly, it refers to feeling good about having the freedom to make choices relating to finances.
Thus, financial wellbeing involves more than simply having an income. Exactly how healthy you feel from a financial perspective can fluctuate over the years as major life events and setbacks occur. For example, having a baby is a rewarding experience but also an expensive one.
What is the Average Financial Wellbeing of Australians?
Great question! A recent report by ANZ found that about 4.5 million Aussies were at the highest level of financial wellness. This level was defined as having no substantial concerns money-wise and being very confident in handling their finances. These individuals composed about a quarter of Australians, and they had significant funds in the bank.
A larger number of Australians (40%) described themselves as doing “fair” when it came to their finances. They were somewhat confident about the next year financially. Also, about 4.4 percent of respondents explained they were “struggling” through their monetary situation.
Improving Financial Habits
Good habits regarding saving and spending can improve your financial health. It’s important to know that this is not a quick process; it takes time to instill good habits.
Better habits can bring many financial benefits, including consistently saving money, reducing debt, building a nest egg, and forming a budget that works for you. Improving habits comes with education and letting go of money myths that can date back to your childhood.
Educating yourself doesn’t have to be difficult. There are many free resources online, and we can provide you with relevant information to reduce your money stresses. You can then look forward to a better understanding of financials to help guide your current and future decisions in ways that positively impact your life. It can start with understanding money is not a taboo.
How We Can Help You
We understand good financial health, and we can help you reach your short-term and long-term financial goals, starting with building good everyday habits. We have helped many people enjoy more savings and still doing activities they love without feeling deprived when living according to a budget.
Reach out to us today to find more ways to boost your financial wellbeing. We break down financial jargon that might have been overwhelming and confusing in the past into manageable bits of information and help you apply it in ways that make sense for you. Actively seeking out ways to get healthy money-wise can boost your quality of life, making it important to pursue today.
Tell us in the comments section below how you did at answering these 3 questions. Did you answer them correctly? Or could you use some help in understanding one or more of the areas, such as investing or budgeting?
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The information contained within this site has been provided as general information only and prepared without taking into account your financial position, objectives, and needs. You should consider its appropriateness and seek financial advice before making any financial decisions.