The importance of Financial Wellbeing
Financial wellbeing is about having a good relationship with your money which can have a positive effect on your overall mental and physical health, and personal relationships.
Financial stress can have a knock-on effect on someone's mental health, relationships and physical health, resulting in consequences for individuals, organisations and communities. The economic impact of Covid-19 has affected the mental health of some individuals, exacerbating a nationwide problem.
A financially healthy nation is beneficial for individuals, communities, businesses, and the economy.
Having a brief healthy conversation about financial support
Ask
Use open discovery questions to make the most of conversations by recognising an opportunity to discuss health and wellbeing.
Establishing how the person is. Ask questions such as 'how do you feel about your current financial situation?' or 'What help or support have you looked to engage with ?
Acknowledge
Acknowledge the response by using healthy conversation skills such as active listening, reflecting or showing empathy. This will allow for a joint understanding of the support a person needs.
Remember to personalise and consider the individuals motivation for achieving a healthy financial status
Act
Take appropriate action to either give information, signpost to a local service or refer them yourself. Remember that the solution must be person centered and they must want to change a financial behaviour or want support.
Local Support
Across Leicester, Leicestershire and Rutland there are services in place to provide support on financial wellbeing
Useful Resources
Money and Pensions Service supporting matters relating to financial capability and debt advice
Money Helper website that offers a range of tools and resources to support your financial needs