Financial Wellness

 

To be financially well-rounded is to take charge of one's financial situation in a way that promotes not just material security but also the psychological and physiological benefits of being financially secure. Celebrating the one-year mark is a great opportunity to reflect on the ripple effect that financial wellness has on people's lives and on society (Mary and Batterman, 2015).

Having enough money on hand to cover immediate expenses and putting some money aside for future goals is the bedrock of financial wellbeing. Making a savings strategy, figuring out how much money one makes each month, and making a budget that fits one's income are all parts of this process. Individuals can strive for financial stability and resilience by developing responsible spending habits and establishing attainable financial goals (Kruk et al., 2019).

When it comes to improving one's financial situation, financial education is crucial. People may take charge of their own financial futures when they are given the tools to make educated decisions around budgeting, investing, managing debt, and saving for retirement. A society that prioritizes and values financial literacy is one that has educational programmers, workshops, and easily accessible materials (Mary and Batterman, 2015).

An essential component of sound financial planning is an emergency fund, which serves as a buffer against unforeseen costs. People are more likely to feel financially secure and ready when they have an emergency fund that they work to establish and keep up with (Fasihi Harandi, Mohammad Taghinasab and Dehghan Nayeri, 2017).

To be financially healthy, one must master the art of debt management. This necessitates being aware of and planning for current obligations, whether that's through consolidation or repayment. Reducing financial burden and working towards a more secure financial future are both possible outcomes of responsibly tackling debt (Kruk et al., 2019).

When it comes to their employees' financial well-being, employers should not be overlooked. Creating a caring workplace where employees are valued for more than just their work is possible through the provision of perks including retirement plans, financial counselling services, and employee assistance programmers (Mary and Batterman, 2015).

Now that we've reached the one-year milestone, it's more important than ever to push for measures that put a wider emphasis on financial wellbeing. In order to build resilient and prosperous societies, it is important to promote a culture of fiscal responsibility and ensure that everyone has access to the resources they need to become financially independent (Kruk et al., 2019).

References

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Kruk, M.E., Gage, A.D., Arsenault, C., Jordan, K., Leslie, H.H., Roder-DeWan, S., Adeyi, O., Barker, P., Daelmans, B., Doubova, S.V., English, M., Elorrio, E.G., Guanais, F., Gureje, O., Hirschhorn, L.R., Jiang, L., Kelley, E., Lemango, E.T., Liljestrand, J. and Malata, A. (2019). High-quality health systems in the Sustainable Development Goals era: time for a revolution. The Lancet Global Health, [online]

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Mary, K. and Batterman, S. (2015). Spark Spark All Electronic Theses and Dissertations 2020 Personal Finance Education: The Benefits in Secondary School Personal Finance Education: The Benefits in Secondary School Settings Settings. [online] 

Available at: https://spark.bethel.edu/cgi/viewcontent.cgi?article=1581&context=etd.

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