{"id":4280,"date":"2022-12-21T10:00:00","date_gmt":"2022-12-21T04:30:00","guid":{"rendered":"https:\/\/fatakpay.com\/blog\/?p=4280"},"modified":"2025-11-13T11:54:06","modified_gmt":"2025-11-13T06:24:06","slug":"the-next-big-thing-in-financial-wellness","status":"publish","type":"post","link":"https:\/\/www.fatakpay.com\/blog\/personal-finance\/financial-literacy\/the-next-big-thing-in-financial-wellness\/","title":{"rendered":"The Next Big thing in Financial Wellness"},"content":{"rendered":"\n<p>If there was a silver lining to the Covid-19 pandemic, it was many of us realizing the importance of taking care of ourselves. At least 80% of the general population started engaging in some form of self-care after the pandemic. The same is applicable to our financial health as well. It was during and after this time that more and more people started caring about financial wellness. Thankfully, many people adopted <strong>financial wellness<\/strong> as a part of their lifestyle.\u00a0<\/p>\n\n\n\n<p>But what exactly is <strong>financial wellness<\/strong>? And what are the new innovations in the field? Let us find out.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_83 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.fatakpay.com\/blog\/personal-finance\/financial-literacy\/the-next-big-thing-in-financial-wellness\/#What_is_financial_wellness\" >What is financial wellness?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.fatakpay.com\/blog\/personal-finance\/financial-literacy\/the-next-big-thing-in-financial-wellness\/#The_four_elements_of_financial_wellbeing\" >The four elements of financial wellbeing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.fatakpay.com\/blog\/personal-finance\/financial-literacy\/the-next-big-thing-in-financial-wellness\/#Security_in_the_present_day\" >Security in the present day<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.fatakpay.com\/blog\/personal-finance\/financial-literacy\/the-next-big-thing-in-financial-wellness\/#Security_in_the_future\" >Security in the future&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.fatakpay.com\/blog\/personal-finance\/financial-literacy\/the-next-big-thing-in-financial-wellness\/#Freedom_of_financial_choice_in_the_present\" >Freedom of financial choice in the present<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.fatakpay.com\/blog\/personal-finance\/financial-literacy\/the-next-big-thing-in-financial-wellness\/#On_track_to_meet_your_financial_goals\" >On track to meet your financial goals<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.fatakpay.com\/blog\/personal-finance\/financial-literacy\/the-next-big-thing-in-financial-wellness\/#Financial_wellness_apps_and_software\" >Financial wellness apps and software<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_financial_wellness\"><\/span><strong>What is financial wellness?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Financial wellness refers to being <strong>financially <\/strong>content and sustainable with the income you have. If you&#8217;re <strong>financially well<\/strong>, you are able to take care of all your bills, save for the future, and spend freely in the present without worrying about whether or not you&#8217;ll be able to afford the things you want. Your mental and physical health may benefit from achieving financial wellness as well as spending less time stressing about money. Simply put, financial wellness is the capacity to maintain a good financial lifestyle.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_four_elements_of_financial_wellbeing\"><\/span><strong>The four elements of financial wellbeing<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Let us explore how you can gauge <strong>financial wellbeing<\/strong> and see how you can achieve it using the four elements of financial well-being.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Security_in_the_present_day\"><\/span><strong>Security in the present day<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Primary factor that determines financial wellness is your <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\"><a href=\"https:\/\/fatakpay.com\/blog\/need-for-financial-security-in-todays-inflation-recession-economy\/\" target=\"_blank\" rel=\"noopener\">financial security<\/a><\/mark> in the present day. This simply means that you should be able to comfortably pay your bills and spend according to your lifestyle without any distress. Along with having the capability to pay for the present day needs one must also prioritize keeping aside a portion of their income for the purpose of meeting future contingencies.<\/p>\n\n\n\n<p><strong>Financial security<\/strong> in the present day boils down to having a limited amount of debt. While this may sound simple, it may not be easy to maintain for Indians, who mostly belong to the middle-class. As of March of 2022, domestic debt in India amounted to 14.1% of GDP.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Security_in_the_future\"><\/span><strong>Security in the future&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Security in the future refers to your financial ability to absorb a financial shock in the future. This could be an emergency that requires a substantial amount of money or a sudden job loss. This requires you to have a stable emergency fund and a second source of income. As a rule of thumb, you should have at least three to six months of your monthly salary as an emergency fund.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Freedom_of_financial_choice_in_the_present\"><\/span><strong>Freedom of financial choice in the present<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Freedom of choice in the present refers to an income that lets you make required purchases without putting your budget in trouble. This could be anything from a dream product to a dream trip.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"On_track_to_meet_your_financial_goals\"><\/span><strong>On track to meet your financial goals<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Finally, you should be sticking to your plans and remain on track to meet your <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\"><a href=\"https:\/\/fatakpay.com\/blog\/fatakpay-com-mindful-spending-for-secure-financial-future\/\" target=\"_blank\" rel=\"noopener\">financial goals<\/a><\/mark>. This helps you make sure your future is financially stable as well.<\/p>\n\n\n\n<p>Meeting the above four points can ensure your <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\"><a href=\"https:\/\/fatakpay.com\/blog\/how-to-promote-financial-wellness-in-your-workplace\/\" target=\"_blank\" rel=\"noopener\">financial wellness<\/a><\/mark>. But how can you reach there? Let us see.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Financial_wellness_apps_and_software\"><\/span><strong>Financial wellness apps and software<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A mobile application or software that helps you with your finances is nothing new. But financial softwares have grown to a stage where they can help you with financial wellness as well. There are apps that let you set goals, keep a check of your spendings through analyzing text messages and other transaction details, and even provide expert advice for your financial health.&nbsp;<\/p>\n\n\n\n<p>Many <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\"><a href=\"https:\/\/fatakpay.com\/blog\/employee-wellness-ultimate-company-investment\/\" target=\"_blank\" rel=\"noopener\">employees now make financial wellness<\/a><\/mark> software accessible to their employees similar to how they provide mental or physical health platforms.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"BlogPosting\",\n  \"headline\": \"The Next Big Thing in Financial Wellness\",\n  \"description\": \"Explore the future of financial wellness and how companies like FatakPay are redefining employee financial health in India.\",\n  \"image\": \"https:\/\/fatakpay.com\/blog\/wp-content\/uploads\/2022\/12\/The-next-big-thing-financial-wellness.jpg\",\n  \"datePublished\": \"2022-12-21\",\n  \"dateModified\": \"2022-12-21\",\n  \"mainEntityOfPage\": {\n    \"@type\": \"WebPage\",\n    \"@id\": \"https:\/\/fatakpay.com\/blog\/personal-finance\/financial-literacy\/the-next-big-thing-in-financial-wellness\/\"\n  },\n  \"author\": {\n    \"@type\": \"Organization\",\n    \"name\": \"FatakPay Digital Pvt. 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It was during and after<\/p>\n","protected":false},"author":3,"featured_media":6987,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[261],"tags":[],"class_list":{"0":"post-4280","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-financial-literacy"},"_links":{"self":[{"href":"https:\/\/www.fatakpay.com\/blog\/wp-json\/wp\/v2\/posts\/4280","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fatakpay.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fatakpay.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fatakpay.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fatakpay.com\/blog\/wp-json\/wp\/v2\/comments?post=4280"}],"version-history":[{"count":7,"href":"https:\/\/www.fatakpay.com\/blog\/wp-json\/wp\/v2\/posts\/4280\/revisions"}],"predecessor-version":[{"id":6988,"href":"https:\/\/www.fatakpay.com\/blog\/wp-json\/wp\/v2\/posts\/4280\/revisions\/6988"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.fatakpay.com\/blog\/wp-json\/wp\/v2\/media\/6987"}],"wp:attachment":[{"href":"https:\/\/www.fatakpay.com\/blog\/wp-json\/wp\/v2\/media?parent=4280"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fatakpay.com\/blog\/wp-json\/wp\/v2\/categories?post=4280"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fatakpay.com\/blog\/wp-json\/wp\/v2\/tags?post=4280"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}