As conversations around mental health continue to evolve, Nida Khan – Financial Planning Support & Regional Facilities Co-ordinator at Acumen Financial Planning, examines the growing links between financial, mental and emotional wellbeing, and what this means for the next generation of advisers.
When people hear the words “financial planning” they often think about numbers: pensions, investments, savings and long-term goals. But behind every financial decision is a person with hopes, fears, responsibilities and emotions.
For many people, financial concerns are one of the biggest sources of stress in their lives. Worries about retirement, debt, family commitments, unexpected events or simply not knowing whether they are doing enough can affect sleep, relationships, confidence and overall wellbeing.
This is why financial planning has a much bigger role to play in the conversation about mental health.
As a Mental Health First Aider, I have seen the importance of listening, understanding and recognising that people often need solutions. That same principle applies to financial planning.
A client rarely walks through the door simply asking, “which investment should I choose?”, Often the deeper question, if you listen carefully is “will I be ok?”.
This is why financial planning at its best is not just about creating wealth. It’s about creating confidence, providing clarity and giving our clients a real sense of control.
Money is deeply personal. Our relationship with it is shaped by our upbringing, experiences, beliefs and circumstances. Two people with the same income and financial position can feel differently about their future.
One may feel secure and the other may feel overwhelmed. This emotional connection is why financial planning, and mental wellbeing cannot be separated.
A lack of financial confidence can create anxiety. Anxiety can make financial decisions harder. This can become a cycle where uncertainty creates stress and stress makes it harder to take positive action.
Good financial planning can help break that cycle by replacing uncertainty with understanding.
Employers are now increasingly recognising that wellbeing is not simply about offering gym memberships or occasional wellbeing initiatives.
A good wellbeing strategy should include financial planning. Employees who are struggling with money worries may find it harder to concentrate, may experience increased stress and may feel unable to discuss their concerns.
Providing education and support around financial wellbeing can be one of the most practical ways organisations support their people. That does not mean employers need to become financial advisers.
It just means creating environments where conversations about money are normalised and where employees have access to trusted guidance.
Through my own work delivering “Less Stress, More Success” seminars and interactive “Mind and Mingle” sessions, I have seen the value of creating spaces where people can pause, reflect and connect.
Often the most powerful part of these sessions is not the information shared, it is the conversation that follows. People realise they are not alone in experiencing stress, uncertainty or pressure.
The same is true when discussing finances. Many people avoid conversations because they feel embarrassed, as they believe they should understand more than they should or that they have made mistakes.
The future of financial planning should recognise that people are not spreadsheets. Every financial plan represents someone’s life story, their ambitions, their family, their worries and their hopes for the future.
The best advisers combine technical expertise with empathy, and they should understand that helping someone plan financially is also helping them build confidence, resilience and or even making their dreams come true.
Mental health awareness has taught us the importance of asking better questions, listening carefully and seeing the person behind the issue. Financial planning can do the same.
When we help people feel more confident about their financial future, we are not just improving their finances, we are supporting their overall wellbeing.
Financial Security will not solve every challenge in life, but feeling informed can make a significant difference.
As an adviser you can guide your clients in thinking less about “how much money will I have” and instead in asking “how can I build a future I feel confident about?”
Main image: wellbeing, erol-ahmed-aIYFR0vbADk-unsplash
