Financial wellbeing plays a significant role in our health and happiness. It impacts our mental health, work productivity, engagement, and overall wellbeing.
When our financial wellbeing is affected by unexpected events, like the recent COVID-19 outbreak, we can experience high levels of stress. Prolonged exposure to high stress can be associated with mental health concerns such as depression and anxiety. More than 1 in 5 people have indicated their financial situation negatively impacts their work productivity.
There are many different definitions of financial wellbeing. A commonly accepted one is being able to meet current and ongoing financial needs, feeling secure about your financial future, and being free to make choices that allow you to enjoy life.
If you experience stress related to your financial wellbeing, remember that it is important to exercise and strengthen your resilience muscle. It is never too late to get back on track or reassess your financial goals. While good money management skills are not complicated, it is the psychological and emotional aspects of managing our finances that affect our ability to take financial control.
Here are some useful tips to implement in your daily life to help with your financial wellbeing and your resilience:
1. Be compassionate with yourself and curious about your relationship to money.
2. Break down the talking about money taboos.
3. Find services and support that fit your values and needs.
Stay safe and well,
Resources to assist you with your financial wellbeing:
- Healthy UBC