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Personal Financial Wellness positive for both workers and employers

Personal wellness is increasingly being recognised as vital for people to live satisfying and fulfilling lives.  Our sense of wellness comes from an overall balance in the various parts that makes up our lives - including the physical, social, emotional, work, financial, spiritual, cultural, environmental and intellectual areas that all impact on one another.  A strong sense of wellness enables us to reach our highest potential.

A significant component of our personal wellness is our financial well-being.  Financial wellness does not necessarily equate to being wealthy.  People with a high sense of financial well-being may have a lot of money or a little, but either way they are able to live within their means.  They are aware of where their money goes, they have a budget that they stick to, as well as a long-range financial plan.  They are aware of and meet their financial obligations, and generally they have a comfortable relationship with money.

There is also a connection between personal financial wellness and the workplace.  A U.S. study found that personal financial wellness affects worker job productivity (Joo & Garmen, 1998).  The finding suggests that the potential effects of workplace financial education are positive for both workers and employers.

The basis of financial wellness is:

  • a sound knowledge of the basic principles of money
  • the ability to make financial decisions based on facts and sound reasoning
  • a fully developed and well-balance plan for managing one's financial life that is integrated with personal values and goals (AAMA, 2005)

Despite the enormous amount of financial information available today, it is difficult for people to get impartial guidance and mentoring on how they can improve their sense of financial wellness.  Many people are reluctant to go to financial planners because they fear they will simply be sold investments.  However, a relatively new approach to helping people with their finances is now available in the form of wealth coaching.

The pioneer of wealth coaching in Australia is Wealthyfrog, which began six years ago in Brisbane.  Wealthyfrog differs from financial planners in that it doesn't sell any investments or related financial products, and doesn't take any commissions.  It simply coaches people on an on-going basis on how to better manage their money, and on starting or accelerating a wealth building program.  Clients pay an annual membership fee for the personalised one-on-one coaching servie.  Wealthyfrog's coaches all have financial planning qualifications. are active investors themselves, and are licensed with ASIC as authorised representatives of Wealthyfrog.

There are two ways in which Wealthyfrog assists in delivering workplace financial education:

Staff personal development workshops

Wealthyfrog provides free workshops on how to manage money better and get ahead financially.  At the workshop, attendees are offered a complimentary individual coaching session (preferably with partner).

Providing financial coaching as a reward-retention strategy

Employers offering wealth coaching as a bonus, or as part of a staff "wellness program", can help in staff retention.  Wealthyfrog can tailor a range of coaching options, starting with a financial wealth checkup through to the full 12 month coaching program.

Wealthyfrog now has an office here on the Gold Coast - Wealthyfrog Mermaid Beach.  We can be contacted on (07) 5572 9217 or by emailing

Wealthyfrog AFSL Pty Ltd, AFSL 276895 and ACN 101 092 228.

This provides general advice only; you must consider your own personal circumstances before taking any action as a result of reading this.

Joo, S. And Garman, E.T., 1998, "The potential effects of workplace financial education based on the relationship between personal financial wellness and worker job productivity", Personal Finances & Worker Productivity, Vol. 2, No. 1 pp. 163-173.  Association of Amercian Medical Colleges, 2005, "Financial education and wellness", available from