You have probably heard of your mental wellbeing and physical wellbeing, but what about your financial wellbeing? Looking after yourself financially is important, as it makes up a big part of how you live your life, as well as how much stress or pressure you have in your life.
For instance, if you have a poor financial wellbeing, are always drawing on credit cards and hardly have any money left for yourself, you may feel burdened with this each month and it could even impact your relationships with your partner or family.
Indeed, the Family Support website says that “Financial worries and debt cause stress making it difficult to enjoy normal family life. Stress also leads to problems with mental health and wellbeing.” So, it is important to also consider your financial wellbeing as a part of a bigger picture that concerns your overall health.
In an interesting study about financial wellbeing in South Africa conducted by Wonga, they found that as a nation, “South Africans like to dream big. However, for many, their financial aspirations are not in line with their financial priorities and the opportunities available for them to achieve growth.” Their study suggests that financial wellbeing is a real concern for many South Africans and that addressing issues with debt, saving and investing as early as possible could get you back on track for a brighter future to reach all those goals in life you wish to achieve.
There are numerous aspects to financial wellbeing as explained in the survey, such as education, or access to education, as well as whether a household owns a vehicle or a property. The study highlighted that vehicle ownership increases with age, with only 15% of youths claiming to own cars, as opposed to 41% of adults. This suggests that younger people have poorer financial standing (not surprising). In terms of future aspirations, 99% of respondents claimed that they would like to own property, with the majority saying that they would like to own at least two properties, regardless of what their current salaries were.
In order to achieve these goals, it is vital that people plan ahead for their future, are savvy with their money, and don’t rely too much on credit when they are young. Getting into debt at a younger age could mean you are burdened with it for years if you do not handle and manage your money properly. It is also important to be realistic about your financial goals, and set targets to achieve them which enable you to keep on track.
Getting financial advice is advisable, especially if you wish to own your own property, but it is also the smaller things which make a difference. For instance, not overspending on going out each week, or cutting back your budget on holidays, could help you achieve an overall more healthy financial wellbeing too.
