Financial wellbeing is like a roller coaster – thrilling, a bit scary, and full of ups and downs. As we journey through different life events and stages, our relationship with money evolves, impacting our wellbeing in various ways. At RiseUp, we’re here to help you navigate these changes with confidence and a smile.
So, let’s explore how financial health and wellbeing changes as we age and go through different life events. And of course, we’ll dive into what are the 3 levels of financial wellbeing. Buckle up!
Early adulthood: the wild ride begins
Ah, the twenties. Fresh out of school, landing that first job, and getting a taste of financial independence. But let’s be real – it’s also a time of financial chaos. Juggling student loans, rent and a social life can feel like a high-wire act.
In this stage, financial literacy is key. Understanding basic personal finances, like budgeting and saving, sets the foundation for future financial health. Welcome to level 1 – financial fitness. It’s all about getting a grip on your income and expenses, and starting to build a safety net.
But don’t worry, it’s not all about scrimping and saving. It’s also a time to enjoy life, learn from your money mistakes and start dreaming about future financial goals.
The thirties: building and balancing
Welcome to your thirties, where the financial stakes get higher. You might be buying a house, starting a family, or climbing the career ladder. Each of these life events brings new financial challenges and opportunities.
Here, financial security becomes a major focus. Welcome to level 2 – financial health. It’s about having a stable income, managing debt and starting to think seriously about investments and long-term savings. A high level of financial literacy helps in making informed decisions that support your goals.
It’s also a time when many of us face tough times – unexpected expenses, job changes, or health issues. Having a financial planner can be a game-changer, helping you navigate these challenges with a clear plan and peace of mind.
The forties and fifties: growing and preparing
By the time you hit your forties and fifties, you’re likely more settled in your career and personal life. The focus shifts to growing your wealth and preparing for the future. This is where financial planning becomes crucial, as you start thinking about retirement and ensuring you can live the life you’ve always dreamed of.
This stage is all about achieving financial independence – welcome to the third level. You’re aiming for financial freedom, where you have enough savings and investments to support your lifestyle without worrying about running out of money. It’s about having the freedom to make choices that bring you joy and fulfilment.
And let’s not forget about financial wellbeing support. Engaging with communities like RiseUp can provide valuable advice, inspiration and motivation to keep you on track.
Retirement: enjoying the fruits of your labour
Ah, retirement – the golden years. Ideally, this is a time to relax and enjoy the fruits of your labour. You’ve worked hard, saved diligently, and now it’s time to reap the benefits.
Financial wellness in retirement is about maintaining financial stability while enjoying the freedom to pursue passions and interests. It’s important to have a solid plan for managing your savings and investments to ensure they last throughout your retirement.
The RiseUp approach
At RiseUp, we believe in supporting your financial health and wellbeing through all these stages. Our membership is designed to help you manage your money with confidence. We provide monthly forecasts, personalised content and practical saving tips to keep you on track. Plus, our community offers valuable advice, group challenges and a sense of camaraderie that makes financial planning a little less daunting and a lot more fun.
Remember, wellbeing isn’t just about having a big bank balance. It’s about feeling confident, secure and free to live your best life. Whether you’re just starting out or enjoying your retirement, RiseUp is here to support you every step of the way.
Here’s to a future of financial health and wellbeing, no matter where you are on your journey. Cheers to making money work for you, and not the other way around!
Start your free trial with RiseUp today and take control of your financial future.
