How healthy is your financial wellbeing?
A new study has found that most employees spend 13 hours a month worrying about money while they are at work.
That’s according to Mercer, which recently published the results of a really interesting study they’ve just completed on financial wellness.
The study, entitled ‘Inside Employees Minds’, builds on global momentum recognising the importance of financial wellness as a core pillar of total wellness – and their research certainly supported this popular belief.
Conducted in September 2016, the Mercer survey asked more than 3,000 workers about their personal financial wellness and they discovered three key issues:
1. Personal financial issues are impacting professional performance
2. Financial education is not enough
Financial literacy programs or financial knowledge is not as important as first thought to overall financial wellness.
3. Financial courage is crucial
Building financial courage is far more important than financial literacy.
For me, this final point is the most interesting.
What this says is that perception of financial literacy is more important than actual financial literacy when it comes to achieving financial wellness.
It also says that if we can just help people be more confident about engaging in their finances then we will help to build wellness.
So how can we help to build that confidence?
Take small steps
For me, this means starting out with saving and budgeting, and setting some quick wins.
It also means simplifying your finances and getting rid of bad debts like credit card debt and car loans.
Get coaching and educating on an ongoing basis
It’s not about bamboozling people with loads of information in what seems like a foreign language, but supporting people with real, bite-size information and tangible, achievable goals.
Get financial advice
Mercer’s study found that those with the highest levels of financial courage were also the most likely to seek advice and the most likely to be financially well!
What are you doing to build your financial courage?