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Financial Wellbeing

The pandemic will create winners and losers in terms of money. Healthy finances are a key part of financial wellbeing. A study found many are struggling, with 40% of people have less than £100 left at the end of the month and 29% of people do not have any emergency savings. Do you have your financial wellbeing under control?

Financial Wellbeing

The Lucky Few

The same study found that 16% (8.6m) of people are fortunate to combine healthy finances and a positive money mindset. There are three corner stones to support healthy finances:

  1. Regular saving means people are more likely to display other behaviours associated with financial wellbeing.
  2. Manage credit trade-offs by avoiding using credit for everyday essentials. It is better for paying for one-off items.
  3. Accessing debt advice can help people to resolve debt problems earlier, thus improving their financial wellbeing.

Tips for improving Financial Wellbeing

  • Put happiness first and ensure that you are spending time, energy and money on those things.
  • Savvy social comparisons. Be realistic about comparing your finances with friends and family, particularly where they appear to be financially better-off.
  • Picture your future self and lifestyle and focus on pension and investment goals that will help you to achieve your future lifestyle.
  • Make a long-term plan and write it down. People who write out a financial plan save more regularly and normally do better financially.
  • Hold your nerve in a crisis. Do not panic, especially if markets drop in value. Remain calm and think of the long-term goals.

The pandemic has amplified inequalities across society and increased financial worries for many. This translates into more divorces, separations, bereavement, illness, job loss and spending cuts. Taking time out to support your financial wellbeing is good. A poor financial wellbeing can affect physical health, mental health, and job performance to name a few. Take time to focus on your Financial Wellbeing.

ChildMax pays your take home salary while you are on 12 months’ unpaid leave, caring for a sick child. It starts from £49.50 or for easy budgeting an initial payment of £8.25 followed by 11 monthly payments of £3.75.

Visit at www.insurewithmax.com or call the UK call centre 0333 323 0098 for more information.

Sources:

https://www.aegon.co.uk/content/ukpaw/news/major_new_reportunlockskeytoboostingfinancialwellbeinganditsmore.html

https://www.alliancembs.manchester.ac.uk/news/businesses-responsibility-to-protect-employees-from-covid-19-financial-and-mental-trauma-report/

https://www.england.nhs.uk/supporting-our-nhs-people/how-to-guides/financial-wellbeing/

https://moneyandpensionsservice.org.uk/wp-content/uploads/2020/01/UK-Strategy-for-Financial-Wellbeing-2020-2030-Money-and-Pensions-Service.pdf

 

Date: 24 July 2021 by max robinson