ImPower for Individuals, Couples and Families

Financial wellbeing for you

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The why

Financial wellbeing is important

Just like good physical or mental health, financial wellbeing improves your quality of life.  

Financial wellbeing gives you:

influences

Factors influencing financial wellbeing.

It is all very well to educate consumers – but does this bring about better financial outcomes for people? In order to do that, we need to understand some of the factors which influence a person’s financial wellbeing.

There are five key factors and these are briefly described below:

There has been a great deal of work done in recent years on the whole subject of “Financial Wellbeing” and of the impact which it has on people’s lives. One excellent example of this is a report published in 2015 by the Consumer Financial Protection Bureau in the USA : Financial Wellbeing: the goal of financial education. 

Your money behaviour

The way you behave around money is one of the most important factors affecting your financial wellbeing.  It is also important to understand how your financial decisions impact your life and circumstances.

 

Your Money Knowledge

Do you consider that you have an adequate level of financial knowledge? Whether you do or you don’t, knowledge on its own is not sufficient to drive behaviour. So, having knowledge is useful, but applying that knowledge effectively is really what counts.

 

Your money personality

Personal attitudes and behaviours form over time. Some may be inherited, some may be acquired. But, as we grow older we develop our own “personality”. For some, their personality supports financial wellbeing. However, for others, their personality fights financial wellbeing.

Your environment

Family, friends, community, upbringing and home life are just some of the social and economic factors which have a strong influence on financial wellbeing.

Some of these things can be changed – but some can’t.

Your age & life stage

People at different life stages have different views on financial wellbeing. A 25-year-old would not worry if they didn’t have much in the way of retirement savings. A 60-year-old would find this a very troubling situation.

Similarly people with dependent children have very different priorities to single people with no children.

 

 

Signs of financial stress

Indicators that your financial wellbeing needs attention

Difficulties setting and sticking to a budget

Setting up a good budget is hard enough – but then, how do you stick to it? If you can’t stick to it, you may as well not bother – but what then? These two things go hand-in-hand. They are the foundation stones of any serious financial progress.

Making ends meet - managing cash

Sometimes just making ends meet is hard enough. But, does the way you manage cash help – or do you feel you are always battling? Having good cash management is fundamental to any good plan

Too much debt

Do you feel like you are drowning in your debt and can’t find the way out? Debt has the knack of doing this to people – so that the only winners are those who lend the money. You need to fight back – but how?

Not getting ahead
Is the financial treadmill wearing you down? Eventually it will, if you can’t get off it. Sooner or later you need to start moving forward. Don’t leave it – or it will never happen.
Concerns about retirement
It has been said that ‘retirement’ is the longest holiday you will ever have – but what sort of holiday will it be for you? Will it be enjoyable? Or will you struggle to survive? The earlier you start thinking about it, the more chance you have of getting it right. But where do you start?
Facing change at work

Work provides the means for us to ‘have a life’. But sometimes, things change – and not always for the better. If you are facing change at work, you need to be organised. You need to be able to face the future with confidence. And good practical advice can be of enormous benefit in that situation.

Relationship Issues

Family can be our greatest strength – but it can also be a huge challenge. Relationships affect finances in all sorts of ways – but, if you are not on top of your finances, you may well find that the actions of others have an adverse impact on you. The best thing to do is to be in control of your situation. But how?

Financial shocks

Research has shown that many people do not have the financial resources to cope with a “financial shock”. It may be new tyres for the car – or something even bigger. Being financially resilient is hugely important in the overall state of “financial wellbeing”. How can you be resilient?

Lacking in confidence about financial matters
Let’s face it, financial ‘products’ are complicated – and usually there’s a heap of small print. So, when you sign a form, do you really understand what you are agreeing to? Many people find the whole process really scary. Often they make poor decisions – dangerous; or they make no decision – unhelpful. More confidence leads to better decisions. Does that appeal?
How would your family cope if something went wrong?

It would be unusual if you weren’t worried – but how well would you actually cope? You only find out when things go bad – and by then it’s too late to change things. Very few people go through life without something going wrong. Do you want to survive intact?

How we can help

Financial wellbeing for you and your family

How can ImPower help?

Financial wellbeing is compromised by financial problems that are as individual as the people who experience them. They all have a similar impact on your quality of life, your health, your relationships and your work. 

ImPower helps solve problems so you have more control of your finances and can live more fulfilled lives.

 

How we work for you –

  • Qualified experienced financial wellbeing specialists who work only for you and in your best interests at all times. No conflicts.
  • We charge fees only and provide a quote or estimate based on your specific requirements before any work commences.
  • We listen to you, we understand you and your situation, and we build a plan tailored for you.

    Case Studies

    Examples of clients we have worked with.

    Louise – “Taking the leap”

    Louise is a single woman in her mid 60s. She has for many years lived alone. Her three adult children visit her regularly. She was facing the huge challenge of retirement. Unable to continue in her work because of failing health, she was scared about “jumping” without knowing quite where she would land.

    Craig – Struggling to get ahead

    Craig contacted us because, in spite of trying to sort out their financial situation, they just did not seem to be making any progress. Always a little bit short of money, never quite able to pay off the credit card, they were becoming increasingly frustrated and it was starting to impact on their relationship.

    Trevor – “A light-bulb moment”

    Trevor self-referred for financial advice. At the age of 28, Trevor was going nowhere. He has a child but is no longer in a relationship with the child’s mother. He has a good job, but admitted at our first meeting that he was “terrible with money”. He buys stuff he doesn’t need, and is always short of money before his next pay….

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