It’s about having a sense of balance and control over your finances, a feeling of satisfaction that you’ve got enough money to meet your needs and enjoy your life.
At Otivo, we believe financial wellbeing comes from having these elements under your control:
1. Control of personal finances
2. Capacity to absorb financial shock
3. Planning for a secure financial future
4. Financial freedom
How financially fit are we?
Our survey of Financial Stress found almost 46% of Australian households have $5,000 or less in savings.
Given the average household spends $3,679 to $9,035 per month, most of us can’t cover even a month of expenses with current savings.
Are we stressed about our finances?
AIA Australia’s 2017 workplace survey found 58% of Australian employees admit to having some financial concerns. These impacted their mental and physical health, productivity, creativity, relationships and sleep.
Working Australians are under financial pressure. According to McCrindle’s 2017 research into Workplace Wellbeing, financial security ranks in the top three factors for personal wellbeing.
39% of Australian workers are dissatisfied in their financial situation and 75% are stressed about finances.
Given the day to day financial pressures we’re dealing with, it’s not surprising we also have about the future.
What are the financial stress triggers?
Financial triggers commonly occur during situations and life events like:
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Recurring, expensive debt
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Supporting a family with limited means
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Funding kids education and activities
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Buying a first home, moving or renovating one
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Redundancy or a serious illness
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Divorce or separation
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Retirement
Improving financial wellbeing
We know that improved financial wellbeing starts with a putting a plan in place.
Our survey found that 2 out of 3 Australian workers who have a financial plan aren’t worried about their personal finances.
We know it can be tough making sense of some things (and sometimes boring). But the more you do, the more you increase yourknowledge and confidence (often referred to as financial literacy).
Putting a plan in place helps you visualise what’s important now and in the future, and how it can be achieved. It’s quick and easy to personalise your goals at Otivo.
Kick start your personalised wellbeing plan today by logging in.