Wellbeing and the path to financial fitness

How taking care of your body and mind can help you tackle your finances

The unprecedented series of events of the past five years, coupled with rising fuel, food, and housing costs have all led to increased financial uncertainty and anxiety. Recent research by Mind shows 20% of people in England and Wales have experienced worsening depression as a result of the cost-of-living crisis. And alarmingly, 6% of people have even considered suicide because of it Footnote [1].  

Wellbeing is often thought of as looking after our physical and mental health, but a person’s financial position can also have an impact on both their body and their mind. Research by the CIPD found “Financial stress manifests in several ways, including needing time to handle personal finances, or more serious issues such as emotional exhaustion and stress-related illness.”Footnote [2]

The “wellbeing circle” - the circular relationship between someone’s mental, physical and financial health – is key. It means that improving one area of the circle can help improve all areas.

It’s important for us to take care of our wellbeing as a whole in order to also tackle our financial fitness. 


Small changes can make a difference

Taking charge of your physical health can be a good first step on your path to financial fitness. Starting small and building upwards can create a positive domino effect on the rest of your wellbeing, including your feelings toward your finances.

Laura Stewart-Smith, Head of Client Engagement at Aviva, says: “It’s easy for people to feel overwhelmed by the desire to change and improve any aspect of their wellbeing, and finances can often look like the biggest mountain to climb. But there are some simple steps you can take to get things in motion. Shutting down your computer and taking a walk in the park might provide you with the clear head and energy you need to tackle your financial plans – the benefits of exercise can be more than you expect.

“People are generally more aware of – and able to identify – areas for improvement in their physical health. This means it can be easier to manage and maintain positive improvements. If you look after your physical health, there’s every chance that better mental and financial wellbeing can follow. There is no one universal solution because everyone is different, but each one of us has at least something we can control to help us feel better prepared for the future.”


Flex your financial knowledge

It’s important to remember that financial wellbeing often relates to how you feel about your finances, not how much money you actually have. 

Once you’ve strengthened the body and sharpened the mind, you may feel more motivated to tackle your financial fitness. Taking back this control of your finances can help you feel more positive about them.

And if you feel more positive and in the know about them then you’re more likely to be able to deal with them.

Saving strategies 

When money is tight, it can seem justifiable to put saving on standby. But by refocusing on small, achievable saving goals you can help your people make their cash go further, even in a cost-of-living crisis. Something like skipping the 11am barista-made latte could free up around £3.50 each working day. And by the end of the month, that could add up to almost £70 to squirrel away for another day.

If saving is your goal then why not try our savings calculator or check out our article on combatting the rising cost of living.

Financial resources

A helping hand can go a long way to getting your financial wellbeing in check. There are some fantastic resources out there to help you get your head around things, as well as get advice if you need it.

  • MoneyHelper – free, government-backed financial guidance on savings, pensions and much more.
  • The Money Charity – financial wellbeing advice that includes webinars, workshops and online resources.
  • Citizens Advice – confidential advice if you’re struggling with debt or money issues.
  • Mind – support for you and your mental health if you’re worried about money.
  • Cost of living support from the government – advice on benefits, allowances and help with everyday costs.


Get your wellbeing in check with health insurance

Health insurance by Aviva can help you on your way to tackling your wellbeing goals.

You’ll get access to a range of wellbeing services to help you optimise your physical and mental health, included at no extra cost. 

Physiotherapy, digital GPs, and offers on health and fitness clubs are also included in the cover, helping you stay on your A game.

It’s easy to make a claim on your health insurance – you can do it through MyAviva, over the phone, or online.

If we confirm that your claim meets the terms of your policy, we'll step up and pay for the treatment directly, so you don't have to worry about the fees.

It’s good to have one less thing to worry about. It takes Aviva.

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If you’d like a quote, we’ll ask you to provide us with a few personal details and the date you want cover to start. We’ll also ask you about customisable cover options, like if you want anyone else added to the cover, and about any medical history you may have.

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