There are large numbers of people in Wales whose perception of their finances is negative. That’s really what financial wellbeing helps to change. Instead of viewing money as a burden or a worry, it should be viewed from a place of confidence and control.
Currently, over half of the adults in Wales (57%) don’t feel that they understand enough about pensions to make decisions about saving for retirement. Around half (51%) of the adults in Wales also don’t feel confident making decisions about financial products and services, while 42% don’t feel confident managing their money (3).
These figures offer a sobering look at the state of financial wellbeing in Wales.
Research also shows a link between struggling with money and poor mental wellbeing. Feeling low can in turn make it tough to manage money, causing a cycle of low mental and financial wellbeing.
However, the good news is these problems can be dramatically improved through widespread and effective financial education, and raising awareness of the money guidance that’s available.This is a win-win situation for Welsh businesses and Wales generally because improved financial literacy will lead to improved financial wellness. Employees who are less stressed about money are more productive and happier.