Financial wellbeing beyond savings

When financial wellbeing is talked about, the conversation often centres on budgets, savings goals, and ways to stretch money further. While these actions may help to increase your savings, financial wellbeing is about more than just being “well off” or having enough money in the bank.

According to research by the Centre for Social Impact (CSI) and UNSW [1], it’s just as important to feel financially secure about your situation, and have a sense of satisfaction with and control over where you stand financially.

While it can be hard to feel this way about your situation at times, especially as costs of living are continuing to rise, making small shifts to your mindset can help you be more resilient over time.

Feeling less worried and more in control can reduce stress and improve your overall wellbeing, making you better prepared to handle challenges when they arise.

Improving your financial wellbeing
Because it is so linked to how you feel about your financial situation, and not just what your situation is, your journey towards having “good” financial wellbeing will be deeply personal and unique to you [2].

It involves recognising what parts of your finances cause you stress, and identifying actions you can take and supports you can access to make things easier on you going forward.

For some people, working towards improved financial wellbeing may mean having room to plan ahead. For others, it may simply mean managing day to day costs without constant stress.

There is no single pathway that fits everyone, and financial wellbeing is not a destination that people reach once and for all. It can change as circumstances change, sometimes improving, sometimes requiring patience and adjustment.

Importantly, financial wellbeing is not a reflection of personal worth or effort. External factors such as housing costs, energy prices, health, caring responsibilities, or changes in employment all play a role. Recognising this can help reduce the tendency to compare experiences or feel pressure to measure up to an imagined standard.

The emotional side of money
Money is often discussed in purely practical terms, but it also carries an emotional weight. Worrying about expenses, juggling priorities, or feeling uncertain about the future can take up significant mental space. These feelings are common, particularly in times of wider economic pressure, and they do not indicate that someone is doing something wrong.

When money concerns are ongoing, they can affect focus, confidence, and energy levels. Even small financial decisions can start to feel overwhelming when people are already stretched. Acknowledging this emotional side of money is an important part of understanding financial wellbeing. It can help shift the conversation away from judgement and towards empathy, both for ourselves and for others.

Financial wellbeing is not always about doing more
It is easy to assume that improving financial wellbeing always involves taking on new tasks or making significant changes. In reality, financial wellbeing can also be about maintaining stability, staying informed, or finding moments of reassurance during uncertain times.

For some people, small practical actions may feel manageable and helpful. For others, simply coping with current demands is enough for now. Progress does not always look like forward movement; sometimes it looks like holding steady. Recognising this can help reduce the feeling that financial wellbeing is another area of life where you need to be constantly “keeping up.”

The role of support and information
Financial wellbeing is rarely something people navigate completely on their own. Feeling supported — whether through family, community, workplaces, or trusted sources of information — can make a meaningful difference. Knowing that help exists, even if it is not needed right now, can provide reassurance.

Access to clear, reliable information also plays a role. Understanding options, processes, or where to ask questions can help people feel more in control, even when circumstances are challenging. Financial wellbeing is not about having all the answers; it is about knowing that answers can be found when needed.

A balanced view of financial wellbeing
During times of financial pressure, it can be easy to focus only on what feels uncertain or out of reach. A broader view of financial wellbeing allows space for effort, resilience, and personal context. It recognises that many people are already making thoughtful decisions within their means, even if those decisions look different from one household to another.

Financial wellbeing is not about perfection. It is about finding ways — big or small — to feel steadier, more informed, and less alone in managing everyday realities. Over time, small moments of confidence or understanding can contribute to a greater sense of balance and financial security.

In a landscape where costs continue to rise and circumstances can change unexpectedly, having a compassionate, realistic view of financial wellbeing matters. Recognising what financial wellbeing truly involves can help ease pressure on you and help you feel more comfortable in your everyday life.

[1] Exploring financial wellbeing in the Australian context

[2] Services Guide for Financial & Mental Wellbeing

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