Your financial behaviours matter
You might think that if you earned more money, you would have better financial wellbeing. But your financial behaviour – including how you spend, plan and save – matters more than you might think.
For example, our research found a larger financial health gap between people who did and didn’t save than between people who earned less than $20,000 and more than $100,000 in a year
Spreadsheets aren't always required
It may come as good news to know that you don’t need to regularly crunch numbers on a spreadsheet to have positive financial wellbeing. In fact, a mental budget can be just as good.
But however you budget, make sure you stick with it because people who follow a budget have higher financial wellbeing than those who aren’t so diligent.
You don't need to be an expert
You also don’t need to be a finance expert to have positive financial wellbeing. Having a good understanding of the basics of money management can equip you to be just as financial healthy as someone who has a very good understanding of how financial products work.
Social connections matter
While you might know that social connections are important for our mental and physical health, you may not have known that they are important for our financial health too. Regular positive social contact can improve not only our financial wellbeing but how good we feel about our finances too.