Global Wellness Day is dedicated to promoting healthy, balanced living. This international event is celebrated annually on the second Saturday of June. This year, it falls on 14 June.
So, now is an ideal time to check in with yourself and practise a little self-care – and that doesn’t just mean relaxing, meditating, or booking a lovely massage.
Getting on top of your finances could significantly improve your mental health by helping you overcome feelings of stress and anxiety.
Read on to find out how professional financial advice could boost your overall wellbeing (while also enhancing your financial situation).
More than half of UK adults say financial worries are harming their mental wellbeing
Schroders surveyed 1,000 UK adults about their attitudes to finances and wellbeing for its 2025 Money and Mind Report.
The findings revealed that over 60% of respondents expressed varying levels of financial worry, which profoundly affects their mental and physical health.
This is perhaps unsurprising given the ongoing cost of living crisis that puts significant financial pressure on many households.
While the UK inflation rate has eased since its 42-year peak of 11.1% in October 2022, it is currently above the government’s 2% target, at 2.6% in the 12 months to March 2025.
Moreover, the Bank of England (BoE) has announced that it expects the inflation rate to temporarily rise to 3.7% in the third quarter of 2025.
Higher inflation could affect your finances in several ways, such as reducing the purchasing power of your money, eroding the value of your savings (if interest rates don’t keep up with inflation), and increasing borrowing costs.
All of which could lead to financial worries that negatively affect your overall wellbeing.
You may also experience certain life events, such as a divorce or bereavement, that affect both your financial situation and your mental health.
Indeed, research by the Money & Pensions Service has found that individuals who struggle with their mental health are more likely to face financial difficulties. Equally, financial struggles can worsen a person’s mental wellbeing.
3 important ways financial advice can boost your wellbeing
Financial advice could be a powerful tool for boosting your overall wellbeing. Here’s why.
1. Increasing your financial literacy could help you feel more confident and in control
According to research published by FTAdviser, 23.3 million UK adults have poor financial literacy. This lack of knowledge and understanding makes them £20,000 worse off on average, compared to those with good financial literacy.
Moreover, if you don’t feel confident managing your money, this could lead to anxiety and stress that affect all areas of your life.
Findings of a recent study reported by the Fintech Times show that 62% of UK adults are losing sleep due to financial concerns, and 51% said they feel persistent anxiety related to money worries.
A financial planner could significantly improve your financial literacy by:
- Providing reassurance, support, and encouragement
- Explaining complex financial concepts in a way that’s directly relevant to you
- Offering personalised advice and education by identifying gaps in your knowledge
- Helping you apply your knowledge to create an actionable plan for achieving your goals.
This could empower you to take control of your wealth and feel more confident about the future.
2. Having a clear financial plan could reduce uncertainty and stress
Uncertainty and stress are closely linked.
If you don’t know what’s ahead, you can’t prepare. This may leave you feeling vulnerable and less in control than you’d like to be, which could trigger anxiety.
In contrast, creating a financial plan with clear goals and strategies for achieving them could provide clarity and direction.
For example, if you’re worried about running out of money in retirement, a financial planner can use cashflow modelling to provide a clear picture of your future income needs. You can then set realistic targets for saving and investing to achieve your objective.
Of course, you can’t control everything that might affect your financial wellbeing. For example, the BoE sets the base rate, which determines most interest rates in the UK. So, there’s not much you can do about that.
Even so, seeking financial advice could help you focus on what you can control, and plan around any factors that you can’t.
3. Regular advice could provide invaluable emotional support
When you start working with a financial planner, you’re likely looking for help managing your wealth. Yet, over time, you may notice additional benefits.
As you read above, your financial situation and overall wellbeing are inextricably linked.
According to the mental health charity, Mind, if you feel low or depressed, you might overspend to feel better, or you may lack the motivation to manage your finances. As a result, your financial situation could worsen, and you may feel more stressed and depressed – a vicious cycle.
Consistent and reliable financial advice could provide invaluable emotional support at all stages of your life.
At Sovereign, we like to build relationships with our clients over many years. This fosters trust and understanding, helping us to provide the tailored advice and guidance you need, when you need it.
We can act as an objective sounding board, helping to calm your anxieties during volatile times.
Through personalised coaching and goal-setting, our financial planners can gradually build your confidence so that you feel more positive about the future and better prepared to deal with financial shocks.
Get in touch to discuss your financial plan
If you’d like support reviewing your finances and creating a plan that makes you feel confident about the future, we can help.
To find out more, please get in touch. Email hello@sovereign-ifa.co.uk or call us on 01454 416653.
Please note
This article is for general information only and does not constitute advice. The information is aimed at retail clients only.
All information is correct at the time of writing and is subject to change in the future.
The Financial Conduct Authority does not regulate cashflow planning.
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.
Approved by Best Practice IFA Group Ltd on 19/05/2025