In a recent Income Solutions blog titled ‘The Value of Advice’ (https://www.incomesolutions.com.au/the-value-of-advice/) it was stated that Trustworthy expertise that empowers people with the information to make informed decisions together with raising awareness on their financial behaviours, will give people valuable financial insights and understanding. However, this does not tell the full story as evidence further shows that greater financial wellbeing builds and increases our overall general wellbeing.

This is clearly demonstrated in a study appearing in the ‘ANZ Roy Morgan Financial Wellbeing Index, 2019’, in which the research provides a compelling story.

The figures clearly showed that those who were satisfied with their financial wellbeing were less likely:

• to have regrets about their financial behaviors and felt content with the financial decisions they have made.
This was demonstrated by the fact that 1 in 3 people noted they were dissatisfied with their financial situation and out of this group 77% has regrets about their own financial behaviors.

• to be losing sleep over financial worries.
In this study, 1 in 5 people who had financial worries were losing sleep.

• to be suffering from depression or anxiety.
Statistics showed that 22% of people in financial hardship identified as experiencing persistent depression and/or anxiety.

• to be experiencing loneliness.
Good financial wellbeing has the capacity to lead to greater trust in our communities and structures of government and can increase our levels of community connectedness which in turn lowers the likelihood of experiencing loneliness.

The above facts highlighted in this study show how our financial wellbeing and general wellbeing intersect, and for many of us validate the care and time taken to plan, save and set financial goals, as it is not only our financial goals that are being meet but our lifestyle and general health ambitions too.