Financial Wellbeing

What is financial wellbeing?

Financial wellbeing is about feeling in control of your finances; being able to easily accommodate your day-to-day needs. However, financial wellbeing is not just about how much money you have - it's about how you feel about your financial situation.

A high level of wellbeing involves excitement, peace of mind and a positive relationship with money. A low level of wellbeing involved dissatisfaction, stress or negative views of money.

You could have a 6-figure salary, but if the thought of checking your bank account puts a pit in your stomach – there's room for improvement.

Why is it important?

Productivity

Simply put, money can get in the way of you getting stuff done. Money worries can cause us to feel hopeless, distracted and less motivated. In fact, £15bn is lost every year by UK businesses due to low productivity, caused by financial stress. And that stress could be getting in the way of your next promotion.

Confidence

When overcoming obstacles, financial or otherwise, confidence is key to success. And those with high levels of wellbeing feel more capable in the face of obstacles.

If you’re in a financial rut, knowing how to save, budget, take out sensible loans and move money around tactfully, makes it far easier to take action and get yourself out of the “red”.

Mental Health

30% of UK employees have admitted to experiencing financial stress. And it’s no secret that stress can certainly take its toll on your mental health – sapping your lust for life.

In fact, when our mental health declines we are more likely to be reckless with our finances. But neglecting financial health can lead to a toxic cycle of increasing feelings of stress, anxiety and depression.

Practicing financial self-care can help stop this cycle in its tracks.

Life Goals

No matter what your goals are in life – most of them are likely to depend – at least a little bit- on finances. Whether you are looking to save for a house, see the wonders of the world, or have quality time with your family – poor management of finances can get in the way.

High financial wellbeing means planning for years ahead, not just for the current moment. When you are able to see the bigger picture, you can make financial choices that allow you to get the most enjoyment out of your life.

Taking Action...

At Wagebox, we believe that financial wellbeing is too often overlooked..  In fact, we’re so passionate about this – we built a whole app around it.

We know that at the centre of financial wellbeing is awareness, which is why we created a platform that gives you a bird’s-eye view of your all your finances. This includes subscriptions, upcoming bills, savings accounts and even a live view of your pension.

And with smart budgeting tools and our free Get Paid Early feature, you can easily start planning for your future.

Why not get started now?