Financial Wellbeing

Financial Wellbeing

Financial Wellbeing

We are told ‘plan our finances for the future’, but for what purpose?
Retirement – what is that? The future – what does that look like?

Surely, in order to plan in a way that is right for you, it is first necessary to decide what it is that you want to do and when.

This may sound simple, but it’s a lot harder to do. We’re held back by limiting factors and barriers that exist around us, for example not giving oneself permission to dream, being over committed to others or facing financial limitations.


Chris Budd, in his book “The Financial Wellbeing Handbook” sums it up nicely:

“The key to financial wellbeing is not having the life others think that you should have, but the life you want”.

We are told continuously that we must put money into a pension, because “it’s the right thing to do!” But why? For what purpose? When?

Wellbeing is promoted as the key to future happiness, but it generally focuses on physical and mental wellbeing as the key parts to get right.

How many times are you told that you must exercise, that you must eat the right foods and drink less alcohol. We are bombarded with these messages on television, social media and newspapers. But, is this really the holy grail to a long and happy life?

There are several types of wellbeing:

  • Physical wellbeing
  • Mental wellbeing
  • Career wellbeing
  • Social wellbeing
  • Community wellbeing
  • Financial wellbeing

We believe the key to them all is Financial Wellbeing, but caveat this by saying that it should not be at the expense of the others.

The Consumer Financial Protection Bureau in their 2015 report on Financial Well-Being, put forward four main areas that constituted Financial Wellbeing:

1. Control over your day to day finances

2. Financial freedom to make choices to enjoy life

3. Ability to be able to absorb financial shock

4. On track to meet your future goals

We add a 5th point and that is to have…

5. A clear path to achieve identifiable objectives

The next step is to create your own ‘Business Plan for Life’.

A Business Plan for Life creates Financial Wellbeing and enables you to realise your dreams. 

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Making your dream real with Third Age Financial Planning