What is Financial Wellness?
Financial wellness is being able to meet all your past, current, and future) financial needs. It is about feeling financially secure enough to live balanced life. Financial wellness plays a direct part of mental and physical well being. The cost of financial stress impacts more than an individual’s bank account. Financial challenges can affect a someone’s health, workplace effectiveness, long-term financial stability, and ultimately your bottom line. 80% of the American workforce is living paycheck-to-paycheck, and when economic downturns happen, it can cause even more stress on those same individuals. Financial wellbeing plays a crucial role in managing the financial obligation of an individual and also help in improving one’s living standard. It helps take care of various types of finances such as private finance, public finance, corporate finance, and personal finance that would decrease the stress level and improve health and the wellbeing of an individual. Employees need to know about financial wellbeing that can help make accurate annual budgets and help in maintaining a balance between spending and savings. The new year is a time that allows us to reflect and make positive changes for the upcoming year. The month of January is considered as the financial wellness month as it comes right after the holiday season and acts as a reminder to make plans for the financial wellbeing . It helps in sorting the activities and tasks based on priority, which helps maintain financial wellness. By January, it is time to prepare financial plans and budgets to ring in the new year. It is a relevant month for improving financial wellness by tackling financial setbacks to strive for financial stability. Financial Fitness Group is driven by wellness and aims to identify ways we can help improve the overall financial health of consumers by enhancing their aptitude, behavior, and confidence. Let’s work together to make financial wellness a part of our lifestyle! January and beyond.