Anyone can experience problem debt. Understanding your finances during the cost of living crisis is becoming increasingly difficult and complex. It is easy to become alarmed or panicked by the multitude of phrases and jargon commonly used when discussing finances. As part of our work towards helping improve financial wellbeing, we are creating a series of blogs to discuss personal finances and the cost of living crisis.

Part of our plan is to de-stigmatize discussions about finances, money and debt. We know that even talking about these topics can help. Whether you are facing problem debt or just learning more about managing your money , beginning these conversations and sharing experiences can help to relive some of those internal worries and stress we might feel.

What is Financial Wellbeing and what does it mean?

You may have noticed that at Money Advice Scotland we like to talk about Financial Wellbeing and actively encourage conversations about money. However, you might wonder what the term Financial Wellbeing actually means.

When we talk about wellbeing this can be briefly explained as your overall sense of self. Some refer to wellbeing as how you feel. Good overall wellbeing can result in feelings of satisfaction and happiness in life.

Our overall wellbeing is influenced by a many number of factors and these all play a role in how we feel. These can be things like our physical health, our occupation and our environment. These factors are also interlinked, for example, your environment can influence your physical health. We know from multiple research sources that finances have an impact on mental health as well as quality of life.

When we talk about financial wellbeing we are looking specifically at how you feel towards your money and discuss methods which can help you have positive feelings about finances. This could be through learning more about a specific money topic or having healthy, open discussions about finances.

At Money Advice Scotland our Financial Wellbeing Team takes a rights-based approach to financial wellbeing. We believe that everyone has the right to have control and choice in their financial life, to have a decent standard of living and to be treated with respect.

How can I care for my Financial Wellbeing?

As part of our plan in influencing fairer policy and supporting financial wellbeing, we know that conversations about money and financial concerns can help to push back against stigma and challenge misconceptions.

If you have read this blog, then you are already at a great starting point. Perhaps while reading you have already begun to consider how your finances impact your overall wellbeing and your emotional relationship with money.

What can MAS do to help?

We will regularly produce blogs and more content that can help people learn more about money as well as discuss current financial topics.

At Money advice Scotland, we also provide monthly financial wellbeing webinars. These are free online sessions which aim to discuss and unpack relevant money topics. Recently we have held webinars which unpack the cost of living crisis, helping to understand what is going and how it might affect you. Find out more about our upcoming sessions here 

Upcoming Financial Wellbeing Webinars

You can also find a number of resources designed and written by our Financial Wellbeing Team. These resources are for everyone and include E-Learning on topics such as Tax and Insurance, as well as educational prompts for primary and secondary school pupils.

Financial Wellbeing Resources

We also run a number of sessions for a variation of groups across Scotland. If you are a facilitator, teacher or an employer you can explore the types of sessions we provide and find one that suits your group, class or workplace. -

And lastly, we also want encourage those interested in learning more about financial wellbeing and getting involved in the work that Money Advice Scotland does, to sign up as a supporter. As a MAS supporter you will hear first about our new work, have your say in influencing fairer policy and participate in our future research. You can find out more about our supporters here. 

MAS Supporters

Don’t forget to follow us on Twitter, Instagram and Facebook. You can keep up to date with all our financial wellbeing posts by searching for #MASFinWell and get in touch via email at [email protected]