A great deal of research has been done on the subject revealing two universal truths.
Firstly, money itself does not make us happy – it is how we use it that matters. For example, Professor Tim Kasser of Knox College has produced research that shows the value of accumulating wealth for its own sake is in direct contradiction with happiness.
Secondly, and best highlighted by the Harvard study on happiness, the largest contributor to our wellbeing is the quality of our social relationships.
Therefore, in many ways financial wellbeing is about how we use our money to support the other areas of wellbeing.
One of the aims of the Institute is to explore these issues much more deeply, to develop a consensus of what financial wellbeing means. The IFW is at the forefront of such research. We also provide a space where the advice and planning profession comes together to explore ways in which we can help clients to become happier and more fulfilled, not just wealthier.
Rather than promoting financial products, we are interested in exploring how financial education can lead to increased wellbeing.
Our purpose is to educate, empower and support people of all ages in every community to feel safe and confident around money by creating a space for conversation, collaboration and positive change.
Monthly events provide the opportunity to share ideas and learn more from a variety of experts about research that supports different elements of financial wellbeing, while resources and access to discounted training, as well as an online community space for discussion and connection, equips members to dig deeper and understand the tools needed to build sustainable business relationships.
Find out about IFW membership.
We love to hear from individuals and organisations who would like to get involved.