Many of us have become increasingly interested in financial wellbeing in recent years. With the increasing cost of living, stagnating wages and the looming threat of debt, many people in Britain are feeling the pinch.
RiseUp’s recent survey of over 2,000 British people found that 38% of us are left with less than £100 at the end of the month, and a huge proportion don’t like talking about money either. Almost half (48%) of us don’t ever discuss money with friends or don’t feel comfortable talking about it.
This silence around money is negatively impacting our mental health (56%), eating habits (41%), relationships (33%), work performance (25%) and friendships (21%).
But what exactly is financial wellbeing, and how can we improve it?
Understanding financial wellbeing
Financial wellbeing is about your relationship with money. It’s about spending without guilt, checking your bank account without getting the fear, and having more honest conversations about money.
It’s about feeling secure and in control of your finances, enabling you to make decisions that support your lifestyle and goals without stress or anxiety.
The current landscape
The state of financial wellbeing in the UK is a mixed bag. According to the Money and Pensions Service (MaPS), millions of us struggle with money management and face financial difficulties daily. MaPS, known for its free and impartial money guidance, says a large chunk of the population does not have the skills, knowledge or confidence to make informed financial decisions.
The demand for financial wellbeing support is higher than ever. The ongoing economic challenges have highlighted the importance of financial resilience. As a result, there is a growing need for effective money advice services and tools that can help people improve their financial capability and overall wellbeing.
The role of debt advice
One of the key areas affecting financial fitness in the UK is debt. Many people find themselves in a cycle of borrowing that they struggle to break. This is where debt advice comes into play. Organisations offering debt advice provide essential services that help people understand their options, create manageable repayment plans, and ultimately, regain control of their finances.
Some of the best known organisations in the UK offering debt advice include: National Debtline, Citizens Advice, PayPlan, Community Money Advice, and StepChange Debt Charity. Check out the government’s website for more information.
The health and wellbeing connection
Financial stress doesn’t just affect your wallet; it can also take a toll on your mental and physical health. The link between financial health and overall wellbeing is well-documented. Poor financial management can lead to stress, anxiety and even depression.
On the flip side, improving your financial wellness can enhance your overall quality of life, leading to better health outcomes and a more positive outlook.
Improving money management skills
Improving people’s financial capability involves giving them the knowledge and tools they need to make sound financial decisions. This is where services like RiseUp come in. Since 2017, we’ve been at the forefront of promoting financial wellbeing support through our app.
By providing a simplified view of your finances, personalised content, practical saving tips and a supportive community, we help users improve their financial habits and achieve greater financial stability.
Practical steps to boost your financial wellbeing
- Educate yourself: Knowledge is power. Understanding financial concepts and staying informed about money management can make a big difference. Check out resources from the Money and Pensions Service and other reputable organisations to boost your financial literacy.
- Live within your means: A well-thought-out budget is a cornerstone of financial fitness. It helps you track your income and expenses, ensuring that you live within your means and save for future goals.
- Seek professional advice: If you’re struggling with debt, don’t hesitate to seek help from professional debt advice services. They can offer valuable guidance and support to help you get back on track.
- Use technology: Apps like RiseUp can provide real-time insights into your spending and savings, helping you make informed decisions and stay on top of your money.
- Join a community: Engaging with a community of like-minded people, like ours at RiseUp, can give you motivation and support. Share your experiences and tips to help you stay committed to your financial goals.
The RiseUp advantage
We believe everyone deserves to feel in control of their financial future. Our platform combines technology and community to deliver a unique financial wellbeing experience. By generating monthly forecasts and offering personalised recommendations, we help our members navigate their financial journey with confidence.
Our users report an average improvement in their monthly cash flow of £390 within six months of joining. By fostering a supportive environment, we encourage our members to share their successes, participate in group challenges and inspire each other.
The take home? The state of financial wellbeing in the UK is important and requires attention and action. By making use of resources, seeking advice and using tools like RiseUp, we can boost our financial capability and achieve a more secure and fulfilling life.
Start your free trial with RiseUp today and take control of your financial future.
