What is Financial Wellness?

Of the 8 Dimensions of Wellness, Financial has inseparable impact on all the others. A lack of financial security can damage Emotional, Social, Occupational and Environmental Wellness.

It’s a challenge in the UK and in other countries. In a survey, 31% of employees here feel that finances control their life. Additionally, a lack of Financial Wellness meant that 4.2 million worker days are lost every year in the UK. That’s a huge cost to employers, and a huge indicator of some level of sadness within absenteeism.

What does Financial Wellness mean? Managing resources to live within a budget. Setting realistic goals and being able to prepare for emergencies. Balancing well-being in our finances with all 8 Dimensions of Wellness.

Ironically, while we are a society that is sometimes obsessed with money, there is a stigma about talking about it. In a YouGov survey by Paymentshield, 41% of respondents said they rarely ask for financial advice. We have become more comfortable discussing our mental health challenges, but there are still barriers to acknowledging that we can’t get out of a financial hole, a hole that quickly swallows all 8 Dimensions.

As an investment company, 8 Dimension Ventures recognises the importance of Financial health in empowering people and helping them achieve their pure potential. Our investments will focus on start-ups that address all 8 Dimensions of Wellness, including Financial. 

For us, Mintago is a company inspiring others to head in the right direction. It’s a service that helps businesses save on their workplace pensions and allows individuals to boost their pension contributions. A vital component of their work is creating greater financial literacy and encouraging young people to think about saving for retirement – even if it is a long way off. Prevention is certainly better than a cure.

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