We’re all in love with wellness trends. Whether we’re brewing our Lion’s Mane mushroom coffee, joining in with Joe Wicks on YouTube, or taking a minute out with Headspace — finding ways to feel good about your body and mind has never been so easy.
But, although we know about the benefits of a healthy diet, regular exercise and a calm mind — there is still a big area of our wellness that is often ignored — our financial fitness. Loqbox explores why we believe ‘financial fitness’ is the next big wellness trend.
We’ve nailed the benefits of physical fitness and a healthy diet
In recent years, we’ve seen a generational shift towards treating ‘wellness’ as a daily pursuit.
We try to hit the gym more. We practice mindfulness and take our vitamins. We get a good night’s sleep (most of the time). And we’re continually on the lookout for new ways to feel good and live a healthier life.
Why? Because we know when we look and feel our best, we’re living our lives to the full.
We’re also mindful about the importance of mental fitness
Whether using an app like Calm or Headspace is part of your daily routine, or you prefer to keep it moving with a relaxing yoga session, the likelihood is that looking after your mental health is one of your top priorities.
People are increasingly comfortable and confident with talking about their mental health today, more than ever before. And wellbeing in the workplace is a conversation taking place in offices up and down the country; indeed, work/life balance has become a hot topic. Bring on the four-day working week!
But what about financial fitness?
Although we are becoming increasingly open about discussing our mental wellbeing, few of us are able to have an open conversation about money without cringing.
Finance may be a taboo subject, but it’s also a deeply emotional one. Our money can make us feel elated, excited and opportunistic when we have plenty of it, or can cause serious stress, worry and anguish when there isn’t enough.
It’s a shame that we can’t speak about it more openly because money is the biggest cause of stress for millennials in the UK. And millennials are twice as likely to stress over money than their parents. Money troubles are real — and we need to talk about it.
Younger generations are often regarded as carefree when it comes to their finances — yet recent research reveals they are anything but.
Deliotte’s Global 2022 survey found that 46%-47% of young people live paycheck to paycheck. 31% of Millennials stating they are not confident they will be able to retire with financial comfort, and 43% of Gen Z have taken on either a part-time or full-time paying job in addition to their primary job.
As we’re seeing a rise in inflation, utility bill ‘caps’ rise every six months, and an increase in global unrest, these generations are selecting ‘struggling with the cost of living and financial concerns’ as a primary source of their anxiety. Who can blame them, and what can be done?
Taking control of your finances is a massive opportunity to improve your wellbeing
We know money is the biggest cause of stress for millennials in the UK. And we know stress wreaks havoc on our bodies and minds. That’s why building financial health can be hugely beneficial to our overall wellbeing.
Take a moment to imagine if money was no longer something you worried about. What would it feel like?
The good news is you don’t need to earn a wheelbarrow full of cash to achieve financial freedom. Similar to building mindfulness skills or physical strength, all you need to achieve your financial goal is to learn and practice some good money habits. And in time, as your financial health builds, you’ll be able to let go of the worry.
People don’t pay as much attention to their financial fitness as they do their physical and mental wellbeing
Awareness of credit scoring and the role it plays in finances is low. In fact, 72% of young people aged 18-24, and 49% of adults overall, have never checked their credit report.
But similar to how tracking BMI and heart rate give indications as to your health, and your running pace or cycling speed give indications as to your fitness — your credit score can give you an indication as to your financial health.
Loqbox is here to help you build your financial health
Loqbox is all about helping people build a better financial future. We’re here to help you build your credit score and educate you on how the financial system works while you save money towards the big things that matter to you in life.
So whether you’re just starting out, tackling financial challenges or have a dream in mind, we help put people on the front foot with their money so they can get on and achieve their goals.
Find out more about starting to build your credit score the proven way, and enjoy a happier, healthier relationship with money with Loqbox.