Phil Jelly
In 2024, IFA Magazine reported high net worth individuals (HNWI) were more likely to have taken up yoga, employed a personal trainer or turned to alternative medicines than to have sought financial advice.
Taking time to focus on your physical and mental wellbeing is crucial, especially during turbulent or stressful times. But it is also important not to underestimate the role financial wellbeing plays in your overall health.
Keep reading to find out how you might achieve the best balance for you.
You can prioritise wellness but you should not underestimate the wellbeing impact of financial security
The survey results published by IFA Magazine comprised responses from those with an average net worth of £1.6 million. And yet, 18% had chosen to go it alone over the past 12 months – a year which saw a new US president, a UK general election, and an Autumn Budget with huge tax ramifications, not least for business owners. (Worse still, 13% admitted to not seeking financial support for more than two years.)
Over the same 12-month period, those surveyed had been prioritising their health by:
- Adopting a regular exercise routine (32%)
- Taking up yoga (32%)
- Employing a personal trainer (29%).
It is worth noticing these figures do not include HNWIs who are already engaged in these practices. Doing so takes these numbers to 49%, 73%, and 71% respectively.
And the focus on wellness didn’t end there.
Meditation (31%) and monthly therapy sessions (31%) were also a high priority. In fact, the latter figure means 71% of HNWIs saw a therapist at least monthly during 2024, but did not see their financial planner even once.
Focusing on your wellbeing is incredibly important, with our precious time seemingly drawn in multiple conflicting directions. But financial wellbeing should not be overlooked.
A robust long-term plan can provide not only the financial value we often talk about, but there are non-financial benefits too. Knowing your finances are in good shape and that your plans are on track, can help you feel stable and fulfilled in the present, safe in the knowledge your future is secured.
Professional advice means your money is in safe hands but non-financial benefits also feed into overall wellness
There are three key areas where financial advice can provide non-financial benefits that feed into your overall wellbeing and could help to improve mental and physical health.
1. Advice can improve your financial confidence
The financial plan we help you to put in place is long term. Not only does it allow you to think about what your dream future looks like, but you’ll also have the benefit of regular reviews to ensure you remain on track.
This gives you the confidence to use your valuable time doing the things you enjoy, from building your business and growing your wealth to spending time with loved ones.
2. Improved financial literacy and a sense of control
With a long term plan in place, you put yourself in control of your future. Your wealth comes with a great deal of responsibility, to your family and all those dependent on you, down to the people you employ.
You will know – through your interactions with us – your plans are in safe hands and that your goals remain attainable.
Whenever decisions need to be made, working with an expert means you will have a firm grasp on the often complex financial landscape, and access to all the available information you need to make an informed choice.
3. It’s hard to put a value on peace of mind
Working with a professional provides peace of mind and reassurance, whilst relieving any pressure you feel. The regular reviews of your financial plans ensure you are on track, whilst being able to make any adjustments should you go off course, or you want to pursue other opportunities.
This confidence in your future is crucial to your wellbeing today. Maybe even as crucial as your PT or yoga sessions.
Get in touch
To find out how we can help you balance physical and mental health with your financial wellbeing and attain peace of mind, please get in touch.
Contact us online or call 020 7400 4700.
Please note
This article is for general information only and does not constitute advice. The information is aimed at retail clients only.
Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.
The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.
