Financial wellbeing and self-empowerment in the modern world

As we say in Punjab: Jaam di Runn Tay Bili Day Kann — ‘Wealth without use is no wealth at all’. This idea is worth expanding on.

The notion of Financial Wellbeing tends to raise eyebrows. Some people may think ‘financial wellbeing is just a synonym for having money, for being so financially comfortable that money is something we never have to worry about.’ But, in truth, it’s not an elitist concept at all. Financial wellbeing is about self-empowerment. It’s about self-control. It’s about aligning our finances with our values and ambitions.

We live in an increasingly demanding world which requires us to be in peak health all the time so we may deliver a service, keep the economy moving, and contribute to society. But this expectation that we are always in optimal health, ironically, is what stops us from being in optimal health. According to the current system, our economic lives and our health are mutually exclusive. What’s more, we have been conditioned to measure our worth according to economic success — and the material assets we can afford and show the world as a result. This creates more emotional stress.

The aim of financial wellbeing is to find a balance between freedom and restraint; learning to spend on things that make us truly happy as opposed to things that make us only temporarily happy. It is an important quality which I believe people need to cultivate as part of their broader Wholistic Wellbeing. Good financial habits reduce stress and create a foundation of financial security for people to live happier and more engaged lives.

Financial Wellbeing happens when a person fully meets both their current and their ongoing financial obligations; when a person feels secure in their financial future, and can make choices that allow them to enjoy themselves. In my own experience, financial wellbeing can be achieved by cultivating the following seven qualities: self-awareness, numeracy, organisation, moderation, self-sufficiency, anticipation, and moral rectitude.

I want to inspire parents and educators to teach children about finance as early as possible. This will enable them to live better, more productive, and more balanced lives. Rather than delaying their financial education in a way that sensationalises money into something abstract, intangible and complex, we should engage children in the financial decisions that concern them so that they understand money better and learn to handle it wisely from a young age.