Financial health
Are you confident that you’re meeting your ongoing financial obligations, including retirement planning?
Financial well-being
How confident are you about the state of your finances and your ability to manage it over the short- and long-term?
Financial literacy
Do you feel as though you have the tools you need to make responsible decisions with your money?
A high level of financial wellness means you have the finances to manage your short- and long-term goals, and the knowledge and skills to manage your money well.
A low level of financial wellness means you probably need some help. Which is totally fine. It’s what we’re passionate about at Prospr, and you’ll be amazed at how quickly we can work together to improve your overall wellness. But first, let’s talk about why building your financial wellness is so important.
Canada: Not so financially well
As a nation, we’re not exactly winning in the financial wellness department. 40% of us spend our entire paycheque. 47% save 5% or less. 48% of us wouldn’t be able to meet a financial obligation if our pay were delayed. And nearly a quarter of us – 24% – couldn’t meet the financial needs of an emergency situation that came with a price tag of $2,000. ¹
That’s not great.
Here’s where it can get particularly challenging. A lack of financial wellness can lead to a lack of physical wellness. That’s because when we’re financially unwell, it’s all too easy to become stressed. And as we all know, stress comes with a whole host of physical ailments. In fact, recent studies have linked chronic stress to actual heart problems. ²
So, having issues with our financial wellness can lead to very real issues with our physical wellness.
But amidst all this, there’s actually some really good news. There are plenty of ways to boost your financial wellness, and you can get started right now.
Financial wellness: There’s a plan for that
One of the most effective ways to defeat a lack of financial wellness is to have a plan. Once you know where you’re going, it’s easier to feel more secure about both where you are today and where you’ll be tomorrow. At Prospr, we have the tools and advice to help you build a plan that works for you. And with the right plan, you’ll become an expert at the three areas of financial wellness that we discussed at the top of this article.
Financial health
A plan can help you budget to meet your financial obligations and plan for your retirement. And guess what, we can work with you to create a financial roadmap for free.
Financial well-being
With a plan comes confidence. Because you’ll have a roadmap, you’ll feel secure about your short- and long-term goals.
Financial literacy
While it doesn’t come overnight, having a plan means learning much more about how your finances work. And with Prospr, you’ll have the tools you need to help you make responsible decisions, and Prospr advisors to help you every step of the way.
Let’s get started
Setting up a Prospr profile is easy and only takes a few moments. Once it’s done, you can start using our online tools – and a team of Prospr advisors – to build a holistic plan based on your wealth, health and insurance. By connecting these three dots, you can feel secure about where you’re headed – and enjoy greater financial wellness in the process.
Source:
¹ Canadian Payroll Association's Research Survey of Employed Canadians (2016).
² Faresjö, T., Strömberg, S., Jones, M. et al. Elevated levels of cortisol in hair precede acute myocardial infarction. Sci Rep 10, 22456 (2020).
