Financial wellbeing means being able to meet current needs comfortably and having the financial resilience to maintain this in the future. It builds on the ideas of financial inclusion, access to services and financial capability.
A lack of financial wellbeing (‘money worries’) contributes to stress and poor mental wellbeing, and has a negative influence on our health behaviours and choices.
Research indicates there is an association between debt and mental health problems, and an association between living with long term ill-health and poverty.
We will be considering the enablers of financial wellbeing like access to services and support schemes, and tackling the barriers for financial wellbeing such as indebtedness and educational attainment. Areas for particular attention will include:
- Crisis provision (foodbanks, emergency grants and loans)
- Access to financial services (including credit unions)
- Lifecourse financial capability
- Gambling and gambling related harm