How is your financial wellbeing?

Increasingly, people are talking about financial wellbeing. But what does it actually mean? Financial wellbeing is about having a sense of confidence and security around money. It’s about being in control of your finances and having enough money to meet everyday needs; having the financial freedom to make choices that allow you to enjoy life!

The rise in financial wellbeing as a concept is arguably linked to the growth of mental health problems in the UK. A study [1] in 2014 reported that 1 in 6 of us experience a mental health issue in any given week. Causes vary but it’s not unusual to find problems related to money as one of these, and it’s a misconception to think that these are just connected to those at the bottom of the income ladder.

Even seemingly successful and well-off individuals worry about money. Our role as financial planners is to give you confidence and reassurance about your financial future. Helping you to live a good life, saving and spending money as part of an overall plan that is focussed on ensuring you live an enjoyable and stress free life.

The relationship between money and happiness

The relationship between money and happiness is a very personal one, often related to our individual backgrounds. Some of us are spenders, some are natural savers.

Research shows that there is a level of wealth required to bring happiness but beyond this, the link between money and happiness is less clear. We know that the pursuit of material possessions is secondary to buying experiences when it comes to making us happy. But this regularly doesn’t stop us purchasing items we don’t necessarily need because they make us feel good. It’s a complex issue.

Dealing with the problem

Many initiatives are being delivered, including within the financial planning profession—this year has seen the launch of The Financial Wellbeing Conference for financial advisers and planners. But perhaps the most meaningful impact is being made in the workplace.

Through training and workshops, employers are increasingly making available financial education and wellbeing to employees. They are recognising the role it can play in maintaining a happy and productive workplace and supporting the emotional wellbeing of employees. External providers are frequently used, although we are seeing roles devoted to this within larger corporate business.

How can we help?

At Charters Private Wealth, our role as advisers and planners is to provide clarity and peace of mind in relation to money, enabling you to live a full life. Our role is an objective one, helping you to see the big picture and to understand what action to take to provide future financial security. Ultimately, providing for your financial wellbeing, is part of our purpose.

If you have any questions around this topic, please feel free to get in touch with us directly on 01789 263888 or email

[1] McManus S, Bebbington P, Jenkins R, Brugha T. (eds.) (2016). Mental health and wellbeing in England: Adult psychiatric morbidity survey 2014. Leeds: NHS digital.