{"id":4619,"date":"2024-06-21T14:45:25","date_gmt":"2024-06-21T14:45:25","guid":{"rendered":"https:\/\/www.beyondfinance.com\/blog\/?p=4619"},"modified":"2024-06-21T15:26:10","modified_gmt":"2024-06-21T15:26:10","slug":"feeling-like-a-million-bucks-the-secret-to-financial-wellness","status":"publish","type":"post","link":"https:\/\/www.beyondfinance.com\/blog\/feeling-like-a-million-bucks-the-secret-to-financial-wellness\/","title":{"rendered":"Feeling Like a Million Bucks:\u00a0The Secret to Financial Wellness"},"content":{"rendered":"\n

Many people pride themselves on physical fitness\u2013going to the gym, eating right, drinking water, and getting enough sleep. Emotional intelligence requires more work because it involves understanding social cues, using tact, watching your tone of voice, and empathizing with others. <\/p>\n\n\n\n

Then, financial wellness<\/strong>, often a misunderstood or unknown mindset, can impact physical fitness and emotional intelligence. Unfortunately, most Americans don\u2019t take the time to learn or apply it.\u00a0<\/p>\n\n\n\n

The adage says, \u201cMoney makes the world go round,\u201d because you aren\u2019t going far without it. Transportation, rent, entertainment, food, education\u2013it all costs money, and your finances won’t last long without the skills to manage it. Yet, it\u2019s vital to know you\u2019re not alone if you aren\u2019t sure how. <\/p>\n\n\n\n

Personal Finance Creates Private Health Concerns <\/strong><\/h2>\n\n\n\n

The World Economic Forum and TIAA have a metric known as the \u201cP-Fin Index<\/a>\u201d (for \u201cpersonal finance\u201d). Based on insight from economists, financial planners, and banking executives, the P-Fin Index delves into eight functional areas across 28 questions related to risk and reward, savings and spending, cost of living and earning income.\u00a0<\/p>\n\n\n\n

\"Financial<\/figure>\n\n\n\n

Since 2017, the index has remained around 50%, but over the past two years, there has been a 2% drop, showing that only 48% of U.S. adults believe<\/a> they have proper financial literacy. With inflation, supply chain issues, and a tumultuous job market, Americans aren\u2019t at peace with their bank account. <\/p>\n\n\n\n

That peace could also be connected to financial knowledge. If you understand your budget and personal finances better, you can manage your dollars and cents more effectively. <\/p>\n\n\n\n

Earlier this year, Beyond Finance explored<\/a> Americans\u2019 financial knowledge or understanding of managing money. Some numbers we discovered were startling about Americans’ confidence in their finances.\u00a0<\/p>\n\n\n\n