People who feel in control of their money are more likely to be content with life generally than those earning more than £50,000 per year, according to a Government-backed body.
Six in 10 (61%) people with high levels of financial wellbeing said they are satisfied with life, compared with just over half (48%) of people with an income of more than £50,000, the Money and Pensions Service (MaPS) found.
The survey of more than 10,000 people across the UK found nearly a third (31%) have low financial wellbeing, and more than a third (36%) admit to feeling worried when thinking about money matters.
MaPS is urging people to try “couch to financial fitness” – a free online programme to improve financial wellbeing on its MoneyHelper website.
Sarah Porretta, financial wellbeing expert at MaPS said: “Financial wellbeing isn’t just about how much money we have; it’s about feeling secure and in control; making the most of your money day-to-day; being able to deal with the unexpected and being on track for a healthy financial future.”
Professor Sharon Collard, chair in personal finance at the University of Bristol, said: “This year many people are facing additional money pressures as they grapple with the ongoing financial impact of the pandemic and rising cost of living.
“Money issues can sometimes feel overwhelming, but research shows that if we are able to build positive behaviours and habits – such as saving regularly (even small sums), staying on top of credit, and taking steps to plan for retirement – this can help us feel more in control and have a higher life satisfaction as a result.”
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