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Financial Wellbeing

By Mosh
Treat Mental Health
6 min read
Medically reviewed by:

Key Takeaways

Financial wellbeing involves the ability to manage financial activities comfortably, encompassing savings, timely bill payments, and choices leading to a debt-free and comfortable life. Being financially secure is associated with reduced stress and anxiety, aids in goal achievement and helps to ensure security in retirement. The four key elements of financial wellbeing include control over one's situation, progress towards financial goals, security after a crisis, and the freedom to make decisions, as assessed through various traditional and online tests meant to offer a general idea of an individual's financial situation. To address any concerns that you may have, it is advisable to consult with a  mental health professional to receive proper advice and treatment depending on your specific situation.

Perhaps your financial wellbeing has suffered as you have made a trust fund investment, and the return has proved to be longer than expected, or perhaps your car has broken down, and you were compelled to borrow money through a loan to finance the costly repairs.

No matter what you are facing right now, it is always important to take a deep breath and focus on your mental health. However, the truth is that self-care is more than just following a guided meditation and doing yoga during your free time. It may seem difficult at first, but you would have to reach out to professionals to know what you are experiencing.

This is where our telehealth platform at Mosh comes into play. Here, we are absolutely dedicated to your health and wellness, so much so that our team of AHPRA-registered doctors will go above and beyond to help you feel like your normal self again.

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What is financial wellbeing?

Financial wellbeing is when you can comfortably handle activities related to finance. This includes being able to save money, pay bills on time, and make choices that allow for a comfortable life without debt. Moreover, it is not simply about having a high income and spending budget but rather feeling confident and in control over your financial situation.[1]

Why is financial wellbeing important?

For one, financial wellbeing, also known as financial wellness, can help reduce stress and anxiety levels. When you feel financially secure, you are less likely to worry about the symptoms of stress or the symptoms of social anxiety and can focus on other areas of your life.[2]

Secondly, having financial capability can help you achieve your goals. If you have a clear understanding of your finances and are in control of your money, you can make choices that will allow you to live the life you want. You can save for specific financial aspirations, such as buying a home or caring for your loved ones.

Thirdly, financial wellbeing can provide security in retirement. Retirement can be a time of great financial insecurity, but if you have planned and saved well, you can retire with confidence, knowing that you do not need help with money and that you have the resources to maintain your lifestyle.

Finally, good financial wellbeing can improve your mental health. Studies have shown that people who need help with finance problems are more likely to experience mental health issues, suffer from alcohol dependency,[3] and ask questions like ‘How to deal with depression?’

Here at Mosh, we understand that improving your financial wellbeing can help reduce your risk of developing mental health conditions, but we also recognise that there are times when you would really need financial help.

For this reason, you can answer our online questionnaire for free, have our Australian doctors review your situation, and provide mental health advice unique to your situation. If absolutely necessary, we can even recommend a custom treatment plan based on our findings.

What are the 4 elements of financial well-being?

The four elements of financial wellbeing are being in control of your situation, moving towards your personal dreams, having security after a financial crisis, and exercising the freedom to make decisions.[4]

  • Being in control of your situation. This includes being able to pay expenses like annual life insurance or monthly rental rates. 
  • Moving towards your financial targets. This means you can easily follow a program you have made to reach your short-term and long-term goals (saving for your wedding budget or perhaps university classes).
  • Having security after a financial crisis. Regardless of what surprise expenses are thrown your way, you will not need financial crisis support since you have got backup plans in place. 
  • Exercising the freedom to make decisions. You do not have to feel limited in the way you do things, such as spending a little more on an anniversary dinner or taking a well-deserved holiday with friends and family. 

If you feel like you are lacking in even just one of these financial wellbeing points, then you can look to us at Mosh, and we’ll be more than happy to help you with how you feel. 

We can answer questions like ‘How to manage stress?’ and ‘How to reduce stress?’ by providing you with personalised guidance through consultations. Plus, the best part is that this can be done through private video conferencing, phone calls, and even text message threads – whichever you prefer. 

How is financial wellbeing measured?

Based on the four elements mentioned above, there have been multiple traditional and online tests that can give you a financial wellbeing score.[5] However, it is important to note that these self-reported scale measures are only meant to be a guide, and as such, you should not rush and apply to any financial support services. Ultimately, the main point of these tests is to give you a general idea about your particular situation. 

In line with this, you also should not rush into any mental health plans or procedures. It is crucial that you allow a professional in the field to assess what you are feeling. Afterwards, you can choose to follow the guidance they provide or perhaps even the treatment they prescribe. 

At Mosh, you can rest assured that we stand by this procedure – helping you address any negative symptoms through anxiety, depression, or stress management

If your Mosh doctor sees that you could benefit from a treatment plan, then they will suggest this during the consultations, where you will have the option of becoming part of our subscription service. You can change, pause, or cancel at any time so you do not have to worry about lock-in periods. You also will not have to go out of your way for top-ups since they can be shipped to any area in Australia, including cities like Sydney, Melbourne, and Brisbane. 

Come get in touch with us at Mosh and experience a multifaceted, science-based approach that takes into account the effect of your financial wellbeing on your mental well-being. 

6 References


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