What is Financial Wellness?

Written by FinFit on September 4, 2019.

Financial wellness is a term used to describe the state of one’s personal financial situation.

There are many dimensions to financial wellness, including the amount of savings you have, how much you’re putting away for retirement and how much of your income you are spending on fixed or non-discretionary expenses.

Financial wellness allows the individual the ability to pursue opportunities due to the stability of having a day-to-day financial system, which includes the capacity to spend, save, borrow, and plan. There are three main categories that you can use to define and measure your financial health:

Healthy: Individuals exhibit positive financial behaviors that will allow them to be resilient and on track for long-term financial success.
Coping: Individuals exhibit some positive behaviors but also experience challenges that require significant behavioral change to reach long-term success.
Vulnerable: Individuals exhibit poor financial behaviors, are struggling and require immediate assistance and behavioral change to adjust course for long-term success.

Financial wellness has a plethora of benefits, especially when offered as a program in the workplace. Financial wellness can help employees find balance and control over their finances, throughout their lifetime.

Improving employees’ financial wellness can lead to healthier employees, help to reduce absenteeism and decrease turnover rates while raising employee satisfaction and morale.

There are many benefits when it comes to financial wellness and wellness programs. To be successful, these programs need to do more than just provide education but need to result in employees taking appropriate actions that lead to financial success.

Financial wellness is…

Guidance
Coaching
A lifestyle
Life-changing
Ongoing
Simple
Personal
Holistic

Financial wellness is NOT…

Generic
Biased
Education only
Exclusive
Sporadic
Expensive
A sales channel

FinFit Loans are issued by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC. Loans subject to credit approval. Residents of Colorado, Connecticut, Iowa, Vermont, West Virginia, Nevada and Massachusetts are not eligible for loans. Nothing in this advertisement constitutes an offer or solicitation for loan products to residents of those states. Actual time it takes for loan approval dependent upon loan verification set up with your employer.

Funding time dependent upon funding method selected. Expedited funding may incur additional fees.

Student loan services are provided by unaffiliated third parties. FinFit loans issued by Celtic Bank do not include student loans.

Wage Now is fully funded and managed by an affiliate of FinFit. If any fees apply, those fees will be disclosed prior to entering into any agreements.
Residents of California, New York, North Dakota, South Dakota, Tennessee and Vermont are not eligible for WageNow. This does not constitute an offer or solicitation for WageNow to residents of those states.

FinFit’s Financial Wellness Program, which includes educational content, a financial assessment and a financial dashboard, are free to registered members.
Services offered may incur fees and/or interest. All fees will be disclosed prior to entering into any agreements.
Products listed are a representation of FinFit offerings. Actual availability may vary. The products available to you and your organization will appear on your FinFit membership dashboard. Actual loan amounts and rates offered vary based on lender, credit worthiness and other factors.