We’re not going to sugar coat it. Money plays a huge part in our lives. Is it the most important aspect of life? Not by a long shot. Even so, there’s no denying that it plays a key role in our everyday lives.
46% of us even spend three or more work hours per week thinking about our finances (PWC 2017 Employee Financial Wellness Survey). But despite what you might have heard, it isn’t the amount of money you own that determines your happiness – it’s how well you utilise the money you have, regardless of how much that is.
Financial wellness affects much more than just our working lives.
In fact, financial wellness impacts all aspects of life – from our physical and mental health, right through to the relationships we have with our family and friends.
When you stop and think about it, this makes sense. After all, financial stress is the number one cause of relationship breakdown in Australia (Relationships Australia, Relationships Indicator Survey 2011). Feeling like we aren’t in control of our finances causes us unnecessary stress and frustration, which often manifests in arguments with our significant other. 70% of couples who argue over money report that it causes tension in their relationships. On top of this, the stress that comes from low financial wellness can result in mental health issues such as anxiety and depression, which can in turn affect our physical health.
It’s easy to see the influence that our finances have on our overall wellbeing.
The importance of financial advice
To achieve high financial wellness, we need to have a greater understanding of our finances and financial situation. It is for this reason that financial wellness goes hand in hand with financial advice. Over 56% of people with a superior financial wellness have a dedicated financial advisor, along with 41% of those considered to be financially well also seeing an advisor. In comparison, over 99% of people who are financially unwell have either never seen an advisor or no longer see an advisor (WSSA Workplace Financial Wellness Index 2016).
This high correlation between financial wellness and use of financial advisors shows just how valuable receiving advice can be for both your financial wellness and overall happiness.