We are pleased to announce that Ovation has signed up to use an exciting new tool for your financial wellbeing – The Financial Wellbeing Pulse.
It is very simple and easy process to measure your relationship between money and happiness by answering several questions, taking only 15 minutes or so to complete. The insight it will give, however, is going to be helpful in providing valuable guidance and clarity for your financial plan. So, what is The Financial Wellbeing Pulse and how can using it to measure financial wellbeing help you?
A brief guide to Financial Wellbeing
Financial wellbeing is a relatively new area study within financial planning (the phrase was brought into financial services by the publication of The Financial Wellbeing Book in 2016). It covers all aspects of the relationship between money and happiness.
According to the Institute for Financial Wellbeing (co-founded by Ovation’s Chris Budd and Tom Morris), there are five pillars to financial wellbeing:
- A clear path to identifiable objectives
- Control of daily finances
- Being able to cope with financial shocks
- Having financial options
- Clarity and security for those that we leave behind
Financial Wellbeing in your financial plan
Here at Ovation we help clients understand what they want from life so they can spend their money to increase all areas of wellbeing. We work with you on your financial plan to cover some of the financial wellbeing pillars. For example, cash flow forecasting and financial planning provides that clear path. We also work with you to help identify long term objectives.
The Financial Wellbeing Pulse
The Pulse has been designed by academics who have a long history of expertise in this subject area and has been developed by Chris with the help of the Centre for Thriving Places and Aegon. The questions were developed using research from fields such as psychology, academia, theology, neuroscience, and philosophy.
Talking the Pulse will allow you to look at all aspects of your relationship with money. The questions cover both general wellbeing, and your relationship with money. It covers three particular areas:
- Financial security and competence
- Meaningful values and attitudes
- Financial satisfaction and need-fulfilment
Contributors to our happiness
There are some contributors to happiness that are true of all of us – for example, having something in our lives that will provide meaning and purpose will bring anyone wellbeing. Then there are the contributors to happiness that are individual to us. For example, exactly what will provide meaning and purpose will be different for everyone. The questions asked in The Pulse allow for both these aspects of wellbeing.
Your access to The Pulse
Ovation has been a pioneer in Financial Wellbeing – with two books written by Chris, founding the IFW and over 100 episodes of The Financial Wellbeing Podcast. We are excited to share this new innovative area of financial wellbeing with you.
We plan to use the Pulse to begin measuring the financial wellbeing of our clients. Whilst enabling us to provide fresh insights to you, over time it will also allow us to track your progress with financial wellbeing. Therefore, we will soon start sharing a link to complete the pulse prior to your next planning meeting.
Want to know more?
The latest episode of The Financial Wellbeing Podcast is all about The Pulse, from its creation to how it will help the financial planning industry in general. Come and have a listen following this link
If you have any questions about The Pulse, or about financial wellbeing in general, please do get in touch. You can contact the team here. We are happy to have a chat with you.
