FINANCIAL WELL-BEING

Gross Domestic Product (GDP), General State Budget, Public Debt, State Deficit, inflation, stagflation, lowering or raising taxes, too many economic concepts, difficult to understand in some cases and not only that, but more importantly, complicated to know how all these concepts can influence our finances and our daily lives.

At the end of the day, what people are interested in and what they want to know is how all these terms influence their daily lives. If we talk about mortgages, how do rising rates affect our mortgage, is it time to switch to a fixed rate, is it worth doing it now? If we talk about inflation, how does it affect our daily life, is it going to keep rising, is it worth saving or investing?

Questions that arise for all of us and which are not always easy to answer. We live in an information age where it is very easy to access a multitude of sources, although not all these sources are always reliable and easy to access, and many of them contain biased information aimed at the purchase of certain financial products. Information yes, but you must be sure it is unbiased.

Financial education is fundamental, not only in the early stages of our lives, but also as we get older. Indeed, Spaniards do not fare very well in surveys on our financial knowledge. Education and information will help us to make the best decisions in these difficult times and thus achieve better financial health, which will undoubtedly improve our mental health, so much on everyone’s lips at the moment. We cannot enjoy good mental health if we have financial problems that worry us and cause us significant stress.

It is time to get down to work and improve this education. It is hard to see articles where surveys show that Spaniards are below average in financial literacy and therefore it will be difficult for them to know how to deal with a recession. Private companies have a lot to say on this issue and can help their employees to improve their financial wellbeing by providing them with all the information they need to make better decisions at this time. In my experience, employees trust companies.  

That’s why at Benefit Brokers, we help companies by providing them with resources to help them improve the overall wellbeing of their employees, including their financial wellbeing.

As a Financial Wellbeing specialist, I invite you to let us know what specific topics you would like us to cover in our blog.

Blas del Pozo

        Associate Director / Financial and Social Wellbeing