How are you? Are you financially well?

If someone asked you, “Are you well?” how might you interpret that?

Mostly, we assume they are enquiring after our physical health. However, we are increasingly recognising that there are other forms of wellness - mental, social, even environmental.

What about your financial life? Being “well” financially is not the same as being ‘well off’.

As a matter of interest, have you ever hear the term “Financial Wellness”, and what might that mean to you?

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I have heard about financial wellness, I assume it to be at how knowledgeable you are towards finance and financial matters. I mean this in the sense about how well you look after your finances and how well you are at saving etc. I guess this is something that each individual will interpret differently and understand differently also.

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Well, borrowing from mental health, no two people are the same and no one is the same over time. You could say the same of most things about someone, of course, but recognising that “health” is not monolithic or consistent is very important for inclusivity.

“Wellness” is some horrendous lifestyle denglish that I don’t really get. But I think it’s closer to contentedness than health. You may be more content when you’re healthy, but being healthy doesn’t make you content necessarily!

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Interestingly (and rather timely), the ‘Money & Pensions Service’ (a new body set up by the UK government) has just published a new report called:

The UK Strategy for Financial Wellbeing

So much of this chimes with Dozens’ mission already, so we’re keen to help achieve these goals. As it happens, the report has included a definition of Financial Wellness:

Financial wellbeing is about feeling secure and in control. It is knowing that you can pay the bills today, can deal with the unexpected, and are on track for a healthy financial future. In short: confident and empowered.
MaPS financial wellbeing definition

What do you think of this definition, and how it relates to you?

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That’s indeed a very good definition. Being comfortable in the short term and gradually moving towards a healthy long term :ok_hand:

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Exactly, although I’ve actually come across a definition I like even more. I’m working on a blog post about this that I’ll share soon :slight_smile:

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Given finance is now so techy, tech health is also very important.

It’s no good having your finances in great shape, but spending every spare minute checking your balances and searching for deals or whatever. Like social media, there’s a risk it can become all-consuming.

I think NOT thinking about your finances every day is a great sign of health.

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I’ve finally posted and shared that blog post about financial wellness I was mentioning. I’d love to know what you think:

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