Financial Wellbeing

At Mangu Wealth Management our aim is to improve our clients financial wellbeing, in other words, to make them financially resilient, confident and empowered.

What is Financial Wellbeing?

According to the Money and Pensions Service (MaPS), people who experience financial wellbeing are less stressed about money which, in turn, has positive effects on their overall mental and physical health, and on their relationships.

The Institute of Financial Wellbeing sets out five parts to financial wellbeing as follows:

A clear path to identifiable objectives.
Ability to cope with financial shocks.
Clarity and security for those we leave behind.
Control of daily finances.
Having financial options.

Our lifestyle financial planning approach aims to address these five areas.

Identifiable Objectives

We work with you to identify your financial goals and objectives and our financial plan provides you with a clear strategy on how to achieve them.

Financial Shocks

We ensure that we build in an emergency fund when we draft your financial plan. We have all experienced an unexpected bill or other financial shock so having an emergency fund can help you feel financially secure.

Security For Those we Leave Behind.

It is important that you and your family are protected if you are unable to work or if the worse were to happen. Having the appropriate protection policies in place is essential to provide you and your family with the peace of mind that they will be financially comfortable whatever happens.

Daily Finances

Knowing where you spend your money is the first step in giving you control over your daily finances and we take this into account when we build your financial plan. Where we identify a surplus, we can look to invest this to help you achieve your longer term goals and objectives.

Financial Options

Money doesn’t necessarily mean more happiness but it does provide more flexibility and more options. Knowing, for example, how much you need in retirement to live your ideal lifestyle means that you are more likely to save and accumulate sufficient capital which will give you options in retirement.

Conclusion

Financial wellbeing is about being in control of your finances and making smart financial choices. This puts you in control and provides you with the peace of mind that you are on track to achieve your goals and objectives.