2022&Your Financial Wellbeing
- Money Management
- Michelle Reidinger
2022&Your Financial Wellbeing
If you feel overwhelmed or uncertain about your overall Financial Wellbeing, you’re not alone. According to a study published in April of 2021 from George Washington University and the FINRA Investor Education Foundation, 60% of the 19,000 adults who were questioned reported feeling anxious when thinking about their personal finances. The study also found that a lack of financial literacy was a major contributing factor to their stress. The good news is that improving financial knowledge could help alleviate financial anxiety.
This is why it’s important to rely on your bank to help continuously improve your Financial Wellbeing. For those who are unfamiliar with what that means, Financial Wellbeing is, put simply, your overall financial health. And, much like your physical health, it requires training and care to achieve peak performance. As doctors are influential in your physical health, your bank is a crucial partner for your financial health. Here are some things you should look for from your bank when considering your Financial Wellbeing.
Knowledge is power
When it comes to Financial Wellbeing, there is no greater tool to help you manage your finances than knowledge. Isn’t it easier to lose weight when you know what foods to eat and what exercises are effective? Your bank should provide its customers with lots of easy-to-access information readily available on their website. C&N’s Resource Center, for example, is a great place to start when you’re looking for quick answers, especially if your first instinct is to find information on your own. Inside, you’ll find:
- Banzai® Interactive Library: this is a great place to start to bolster your Financial Wellbeing. This collection of resources has everything from articles to interactive games for kids and online interactive coaches that let you input information to evaluate real life situations, such as getting out of debt and the cost of a wedding. We recommend starting with the Financial Wellness coach that will help you assess your current financial situation and give you tips on where to go next.
- C&N Library: carefully crafted advice written by our industry experts at C&N that cover topics such as homebuying, retirement, business ownership and everything in between.
- Video Library: video learning from products and tech to financial tips.
- Calculators: get help with making financial decisions, such as how much you need to save per week to reach a specific goal, or whether you should rent or buy your home.
- FAQ section: packed full of information to help guide you on your banking path, with pages on general banking, online banking and mortgage questions.
- Youth Clubs: Statistics show that learning good Financial Wellbeing habits at a young age will translate to successful money habits later in life. Check with your bank to see if they offer Youth Clubs, and if these clubs provide more than just a savings account, such as hands-on learning activities, financial freedom opportunities and monthly newsletters.
- Accessible Expertise: if you still can’t find your answers in any of these sections, we’re always here to help. Visit our Contact Us page to reach out to us in whatever way is easier for you - live chat, email, phone or fill out our online inquiry form.
Technology Makes it Easy
Think of knowledge and information as the road that leads to Financial Wellbeing. You can walk down that road to get where you’re going, but wouldn’t it be easier to drive? Modern technology is your car, and your bank should provide you with the keys.
Modern technology has introduced several new ways to help you reach a healthy Financial Wellbeing, most of which come at no cost to the customer and can be found in your bank’s digital banking platform and mobile app, such as:
- Personal Financial Management tools, such as C&N’s MoneyManager, are a game changer. By categorizing your transactions and linking outside accounts, you can manage all of your finances in one simple place. It makes setting budgets, tracking your spending and visualizing your spending trends mindless – it does most of the work for you! If you want to check to see how much you spent on groceries in the last month, you’re only a few clicks away.
- In a world with over $50B of scams and financial mistakes every year, Carefull provides a second set of eyes to protect your accounts against fraud, misuse, identity theft, and more. Stay independent and in control, using Carefull to catch small problems before they become big ones.
- Automatic savings will help you build your financial safety net. You can set up recurring transfers from your checking to your savings so that you can easily meet your monthly goals, and you can enroll in programs such as C&N’s Debit Card RoundUp, which automatically rounds your debit card purchases up to the nearest dollar and deposits it into a savings account.
- Account alerts are a great way to keep your financial head above water. You can customize these however you want, and they’re easy to set up. Setting up a text to alert you if your account dips below a certain dollar amount will save you from expensive overdrafts.
Understanding Your Credit
Your credit is going to follow you around. Lenders, insurance companies and even some employers will look at your credit history and, specifically, your credit score when determining how dependable you are. You can learn all about the importance of your credit score in our C&N Library article Understanding Your Credit Score. Most banks have resources at your disposal to help you keep your credit score at peak performance, such as:
- Online Bill Payment allows you to pay your monthly bills with a click of a button. You can forego the stamp and check and you don’t have to visit several different websites to pay your bills. Regular, on-time payments are crucial to keeping your credit score high, so this should be one of the first things you set up.
- Some banks offer a free credit score solution within digital banking, such as C&N’s SavvyMoney. With comprehensive credit score analysis, full credit reports, credit monitoring, alerts and personalized offers, SavvyMoney lets you keep your finger on the pulse of your credit. It even offers additional resources and articles with ways to manage and improve your credit score.
Above and Beyond
Employing some or all of these tactics and resources will put you on the right path towards proper Financial Wellbeing. If you want to learn more, you can always contact your local banking specialist online or by phone. If you are a member of a school or organization and would like to have a C&N expert present to your group, just let us know! You can fill out our C&N Speaker Series form on our website to get started!