Hopefully that headline has grabbed your attention! We’re all more familiar with negative stories about financial planning though it can’t be denied that quality financial planning can have a positive impact on both health and wellbeing.
Numerous reports have found an inextricable link between stress levels and your health & wellbeing.
The Australian psychology society in their annual survey on Stress and Wellbeing 2015 uncovered some key findings.
The top 5 causes of stress in Australia over the last 5 years are shown below:
– personal finances – 49 per cent;
– family issues – 45 per cent;
– personal health – 44 per cent
– trying to maintain a healthy lifestyle – 40 per cent; and
– issues with the health of others close to us – 38 per cent.
It can be seen that personal finances are the top cause of stress over the last 5 years. Financial stress can be caused by many things, for example, worrying about not having enough money to achieve your goals, market volatility, debt levels, funding private education, retiring in comfort.
In Eqeus commissioned Galaxy research some of the key findings were:
– 73% get stressed about money and managing money is rated as more stressful than moving house.
– 80% have concerns about their financial security in the future or they feel their finances are out of control.
– Those that set financial goals are much more likely to feel their finances are under control.
– As many as 43% find it uncomfortable to talk about money
The findings from both surveys are clear in that they show finances are a major cause of stress.
Professor Robert Cummins author of the “Australian Unity Wellbeing index” identified a golden triangle of happiness’ made up of 3 core elements. These are:
– Financial control
– Sense of purpose
The report found that close and supportive relationships, financial control and a sense of purpose built a solid foundation to achieving prosperity.
The values based goals approach we take to financial planning at Eqeus touches on all these aspects. Our Financial planning process is all about setting goals that are based on what is truly important to you – your purpose. It is so much more than being just about the numbers.
An interesting finding in our own research was in regards to those that set goals and the feeling that they are in control and thereby less stressed.
At Eqeus our objective is to help our clients plan for their futures. We help them uncover what is truly important to them and base some clearly defined goals around this. Our clients tell us that by having a financial plan that they feel in control. Through our ongoing services we help keep our clients on track.
We believe that financial planning based on a values based goal setting approach is a way to put you in control of your own future diminishing financial related stress and thereby making you a healthier and happier person.