Financial wellbeing

Why is financial wellbeing important to health, well-being and reducing inequalities?

Ensuring that people have the financial resources they need is essential for helping people to stay healthy physically and mentally, and to narrowing the health gaps between communities. That is because worries about our money can create stress and a feeling of insecurity about all aspects of our lives as well as create barriers to living a healthy or healthier life. For example, not having enough money can prevent us from accessing safe housing, nutritious food, and opportunities for learning, employment, and social connection, which all helps to lay the foundation for good health. Money worries can also lead us to seek out health-harming behaviours as a coping mechanism, such as excess alcohol consumption, gambling in the hope of winning back more money, or smoking.

In addition, research shows that if we have higher incomes, we usually live longer, have fewer chronic diseases, and enjoy better mental health than those with lower incomes. On the other hand, long-term poverty is closely linked to worsening health and a shorter life span. Tackling poor financial wellbeing not only benefits individual health but also strengthens families and communities, reducing pressure on health and social care services. As we look to create a healthier and fairer Wales, supporting people to maximise their incomes and access support is an essential step towards giving everyone the opportunity to keep well and live longer, healthier lives.

What is Public Health Wales doing to strengthen financial wellbeing for the population in Wales?

Public Health Wales has a strong history of collaborating with partners to analyse, interpret, and help shape the evidence base on how income and the economy relate to health, and this continues. For example, Public Health Wales is part of the Steering Group for the Financial Wellbeing Delivery Plan for Wales. We work to promote the need for financial wellbeing for all, by advocating for fair work and incomes, by seeking to prevent financial insecurity, including by supporting action to tackle the rising cost of living, and by adding to the evidence base through our research and engagement. We also provide advice and guidance to policymakers interested in making the links between health, income and resources.

What action should be taken at a national, regional and local level to strengthen income and resources for the population in Wales?

The more that we can do to support people to achieve financial wellbeing, the better. This includes taking action to ensure everyone in Wales can access fair, secure jobs paying at least the living wage, making it easier for people to claim welfare support they are eligible for, providing quality affordable childcare and housing, and tackling the rising cost of essentials, such as food and heating. Improving the financial wellbeing of everyone in Wales needs all organisations involved to work together. That is why we advocate for all policies and strategies at national and local levels to consider how they will impact on the financial wellbeing of their populations. and for everyone. To ensure everyone can access the help they need it is important to identify and support those most at risk of poor health due to their finances and make sure that all services and support is designed to be accessible and stigma-free.