‘Financial Wellness’ Is a Buzzword. Here’s Why That’s a Good Thing.

What comes to mind when you hear the term ‘wellness’?

Depending on how much of a skeptic you are, you might be picturing a sunny morning run, a green salad and some beachside meditation — the life we all strive to lead.

Or maybe something a little… kookier is coming to mind.

via Giphy

When it comes to wellness, I’m less concerned about how much yoga I should be doing or how much kale I should be eating, and more interested in the financial aspect of my wellbeing.

After all, how are you going to afford all those classes and retreats?

Since joining Wisr in March, I’ve come to embrace the term ‘financial wellness’ — and chances are you’ve been hearing it more and more lately.

The growing interest in ‘Financial Wellness’ via Google Trends

Financial wellness doesn’t quite fall into the typical wellness category, but it has a profound effect on our lives and how we feel.

What does it actually mean —and is it a buzzword?

I’m here to tell you that it is.

Financial wellness (which refers to the amount of comfort and control you have over your money) is a term that has been thrown around a lot, but it’s something everyone should be talking about.

…because I think we can all agree that money is complicated.

via Giphy

Managing your personal finances seems to involve a lot of maths, paperwork and general admin that feels like a lot of effort — and most of us prefer to do the bare minimum and hope for the best.

But, COVID-19 has shown us that isn’t the best strategy.

Like anything, you only realise how important it is when things start going wrong. So the more we talk about financial wellness and get people thinking about it, the more of an impact we can make. Buzzword or not.

And more and more people are getting wise to the issue since it was a hot topic of conversation at the recent Workplace Wellness Festival.

Wisr’s Head of Partnerships, Katrina Mills, moderating a panel on financial wellness.

Here are a few of my key takeaways.

1. There’s no such thing as a free lunch.

For example, withdrawing from your Super to help you get through difficult times is like stealing from your future self. Many people don’t understand the consequences — especially how it will affect you when you hit retirement age. That’s why it’s so important to have a trusted advisor you can reach out to for guidance, like your employer or a family member.

2. Your money is your money. Take ownership.

Nobody is going to sit down and teach you how to manage your money, and nobody has your best interests in mind like you do. Think of your financial situation like a muscle. The more you work at it, the stronger you’ll be — and if you really want to make smarter decisions, you need to put in the work.

3. There’s no shame in talking about finance.

If anything good has come from COVID-19, it’s the willingness and openness to finally discuss money. We’re letting our walls down and feeling more comfortable talking about something that should have been normalised a long time ago.

At Wisr, we’re on a financial wellness mission — and we don’t say that lightly since we just achieved something pretty remarkable.

We paid off $1 million of Australian debt.

We did this through Wisr App, a tool that employers can give their staff to help them pay extra off their debt by rounding up their daily purchases. It exists solely to help our customers feel more in control of their debt — a topic which has been remarkably unspoken about until now.

So when it comes to buzzwords, I think financial wellness is a pretty good one to be talking about.

This article is by Kady Blend, Partnerships Coordinator.

Wisr is Australia’s first neo-lender providing financial tools and tech to help Australians make better money decisions. Get a fair personal loan at wisr.com.au, check your credit scores at wisrcredit.com.au or pay off debt in the background with wisrapp.com.au.

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Australia’s first neo-lender (ASX: WZR) providing smarter and fairer personal loans, apps and financial tech.