We’re all in love with wellness trends. Whether we’re making our own kombucha, joining in with Jo Wicks, taking a minute out with Headspace or trying a new tracking app — finding new ways to feel good has never been so easy. Or fun! Yet though we know about the benefits of a healthy diet, regular exercise and a calm mind, there is a big area of our wellness that is often ignored. Our financial fitness. In this article I explore why financial fitness is the next big wellness trend.
We know about the benefits of physical fitness and a healthy diet
Often dubbed the “wellness generation”, millennials (people aged 22 – 38) regard wellness as a daily pursuit. We like to hit the gym (when lockdown doesn’t prevent it). We take our vitamins. We dabble in protein shakes. We get a good night’s sleep (most of the time). We challenge our friends and beat our personal bests on Strava. We hit our daily step count day after day. 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 also know 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. 2020 is the year of self love after all. And people are increasingly comfortable and confident talking about their mental health today than ever before. Big initiatives like Heads Together, a nationwide campaign to end the stigma around mental health led by The Duke and Duchess of Cambridge and Prince Harry, have helped to create positive change. 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.
But what about financial fitness?
Yet though we are becoming increasingly open about discussing our mental wellbeing, few of us are able to have a conversation about money without cringing. This is a shame 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. 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. “From job insecurity to pay freezes, mounting student debts, high property prices and the emergence of the gig economy, millennials have had a lot to contend with financially,” says Mike Blake, wellbeing lead at Willis Towers Watson. All these factors have contributed to making money a primary source of anxiety for the millennial generation. So what can be done?
Getting to grips with your finances is a massive opportunity to increase 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.
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 pile 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.
Sadly few people 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
We’re all about helping people build a better financial future. LOQBOX helps you build your credit score and educates you on how the financial system works while you save, for free. 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.
Build your credit score
by saving as little as £20 per month