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  • Author : Explorer7
  • Support : 3
  • Topic : Recovery Club
22 Jul 2024 03:07 AM
Senior Contributor

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On the topic of financial wellbeing, Chris Heye (2020) has published an interesting model, and accompanying article, here: 

Financial pyramid.jpg

Some extracts from his article are:

"Financial wellness is “effectively managing your economic life.”

Financial wellbeing is, "The process of learning how to successfully manage financial expenses.”

"The entire discipline of behavioral finance is built around the idea that behaviors and emotions have significant impacts on financial decision-making. The fundamental tenet is that most people do not act rationally in a strict economic sense, but instead are influenced—often negatively—by biases, anxiety, fear, lack of impulse control, and other personality traits and behaviors."

Heye refers to social wellbeing, in this passage:

"In his book, Connect, Ned Hallowell, M.D., refers to personal connection as “the other Vitamin C.” Social isolation is increasingly viewed as highly detrimental to a person’s health—especially older adults—potentially as dangerous as smoking or obesity. Social connections are critical to financial wellness"

Social wellness is not something I've gotten to reviewing yet. Here are the eight wellbeing types as @Shaz51 posted them:

1. Environmental

2. Physical

3. Occupational

4. Financial

5. Intellectual

6. Emotional

7. Social

8. Spiritual

To this list I intend to add some notes about a ninth kind of wellbeing:

9. Behavioural...

...as included in the Tutti Frutti model.

Heye mentions cognitive wellness, which I feel is equivalent to intellectual wellbeing; and organizational wellness, whereas I suspect this is not so much a discrete wellness but rather, being organised is an aspect of financial wellbeing.