What is financial wellness?

How you feel, is your wellness. How you feel about your money is your financial wellness. This can be measured by the financial wellness index, which measures a person’s satisfaction with their current and future financial situation. For more information on financial wellness, please go to https://www.amp.com.au/insights/manage-my-money/financial-wellness

Get more tips about managing and protecting your cash, reducing the money you owe and saving for both your big and small goals: https://www.amp.com.au/insights/manage-my-money

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Transcript:

Well, well, well, it’s important to be that: Well. Mentally, physically, and financially.
Financial wellness refers to the mindset formed from the way a person evaluates their financial situation and how it makes them feel. This is measured by the financial wellness index.
People can be severely financially stressed, moderately financially stressed, mildly financially stressed or financially secure.

Here are some steps that could be taken to help prevent or improve financial stress:

• Create a budget that works.
• Consider consolidating your debts or, if possible, look at which debts are good and which are bad, and prioritise paying off the bad ones.
• Try to save small amounts of money regularly.
• Set aside emergency cash for when it’s needed.
• And be open to talking about money with partners and loved ones. It might feel uncomfortable, but it’s important.
• Seek a better deal with your providers
• And, most importantly, don’t be afraid to seek financial assistance. There is help available and every Australian deserves to feel… well.

Original Author: Produced by AMP and published on 06/12/2021 Source