What does Financial Wellbeing mean?

Financial Wellbeing - The Ru Group

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Financial Wellbeing is a concept that has become much more of a common theme in modern day financial planning, particularly in a time when other aspects of ‘wellbeing’ have become a mainstream focus in our day-to-day lives (physical, emotional, mental – the list goes on!). As Financial Planners, one of the key outputs we seek to obtain from any financial plan is a sense of Financial Wellbeing, but just what is Financial Wellbeing?

Financial Wellbeing is about a sense of security, and feeling as though you have enough money to meet your needs. It’s about having the financial freedom to make choices that enable you to enjoy life, and being in control of your day to day finances. It’s not specifically related to the detail of a financial plan (which of course is important!), but is more concerned with creating a financial environment that leaves you feeling happy and content with your world.

Financial Wellbeing is often split into five key elements

  1. Having a clear path to achieving our objectives
    Understanding what we do with our money and how this contributes to what we want from life is key to providing financial wellbeing.
  2. Control of our daily finances
    Perhaps the area of our financial planning arrangements that we think about most often, effective management of our day to day finances can leave us feeling more relaxed and in control.
  3. The ability to cope with financial shock
    Financial resilience ensures that when things don’t quite go as we would like our financial position remains secure, which in turn helps us to feel comfortable with our financial position.
  4. Financial options in life
    The capacity to make financial choices in life leads to financial freedom and ensures we are able to live life to the fullest.
  5. Security for those we leave behind
    Knowing that we have provided security for our loved ones for when we are gone is important to most of us, and can leave us feeling relaxed whilst we are still here.

A sense of Financial Wellbeing is something that is important to all of us and can make a huge difference to our lives. We believe in supporting our clients to achieve a sense of financial wellbeing through an evidence based investment strategy and a tailored retirement plan. If our clients’ financial futures are being taken care of, we hope that a sense of financial wellbeing ensues, leaving you to live the life you want to live.

If you would like to learn more or discuss your own financial wellbeing, please do not hesitate to get in touch.

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