Jeremy Cole
Women in Finance:
THE BENEFITS OF BOOSTING FINANCIAL WELLBEING
The Benefits of Boosting
FINANCIAL WELLBEING
PEOPLE WITH FINANCIAL WELLBEING ARE MORE LIKELY TO SPEND THEIR MONEY SUSTAINABLY AND HAVE SAVINGS TO INVEST, WHICH CAN BOOST AREAS OF THE WIDER ECONOMY.
Financial wellbeing is another term for financial literacy. It essentially refers to having a strong and positive relationship with personal finance. When people boost their financial wellbeing, there are multiple benefits for the individual and for society as a whole.
Benefits for the Individual Strong financial literacy skills make it easier to manage money, which can reduce debt and increase savings.
Benefits for Employers 11% of UK workers reported a decrease in productivity directly related to financial worries in 2018.
Benefits for Business Businesses can benefit from individual financial wellbeing as bills and payments are more likely to be paid on time. This boosts cashflow and can result in healthier profits, without any need to write off debt.
Benefits for the Economy People with financial wellbeing are more likely to spend their money sustainably and have savings to invest, which can boost areas of the wider economy.
JEREMY COLE Financial wellbeing comes from being educated about how to manage money. You can learn more about this topic by visiting the blog of Jeremy Cole, Red Rose co-founder.