Physical fitness, from diets to exercise trackers, is part of our everyday conversation today. If we are not doing it ourselves, we certainly know friends, family and colleagues who desperately need to achieve their daily “10,000 steps” or check their calories.
Increasingly, mental health has also become part of that conversation, and rightly so.
Fitness for mind, body and wallet
But what about your financial fitness? When was the last time you exercised your choice to switch tariffs on your utility bills, or stretched your paycheck to squeeze in a little saving towards those badly-needed home improvements?
Finance chat, if it is talked about at all, is usually about spending or borrowing money, but that’s a bit like boasting about your increasing cholesterol count - not healthy!
I found this article about nudges for health incentives interesting and it made me wonder what nudges would help to “incentivise people to be wealthier?”
Is there something beyond better rates or easier transfers that would help? Maybe, as the article suggests, it should be the threat of some kind of forfeit, like losing a preferential interest rate instead? Do you think that would help you?