ImPower for Individuals, Couples and Families
Financial wellbeing for you
security – freedom – resilience
Financial wellbeing is important
Just like good physical or mental health, financial wellbeing improves your quality of life.
Financial wellbeing gives you:
- Control of your finances
- The ability to withstand financial shocks
- Measurable and achievable financial goals
- The freedom to make choices that improve your enjoyment of life
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.
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
Concerns about retirement
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.
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?
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
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.