Financial Wellbeing: What Your Customers Look For

This article aims to shortly explain why financial wellbeing is important for people and also suggest some books for the holiday period, which can help you understand financial wellbeing in practice - from a customer perspective.

People’s interest in financial wellbeing has been increasing in recent years.

Knowing what financial wellbeing is and why people are so interested in the topic helps understand how people think and what they need. This topic in particular will support Banks, Credit Unions, and Financial Institutions in general design products and services that immediately respond to the audience’s needs.

After researching the most searched keywords regarding financial wellbeing, we can say that there are two main aspects that interest people the most. The first one is how one can reach financial wellbeing. The second one is how to support financial wellbeing in the workplace or organizations.

So we know that the interest in financial wellbeing increased recently and we also know that we could support our customers by showing them how they can achieve it.

According to our research, many people also look for the meaning of financial wellbeing. This means that if you’re planning any promotion proposing tools or services that improve financial wellbeing, consider also educating your customers on what it is and how your service can support it.

Finally, we’d like to conclude by suggesting three of the most popular books related to this topic. In particular they can help you understand the needs of your customers, who are the ones reading these books.

1. Basic Personal Finance: A practical guide to financial wellbeing by Len Cabrera (Goodreads Author), Richard Fullerton. Here’s a brief excerpt of the summary provided by Goodreads

A recent study from the Economic Policy Institute found the median retirement savings for people between 32 and 37 years old is less than $500. Don't let that happen to you-don't wait to start saving, and don't waste money on "get-rich-quick" schemes. The safest, most proven way to accumulate wealth is through disciplined saving and long-term investing, and Basic Personal Finance shows you how. The authors combine practical advice, serious academic research, and 25 years of classroom experience to help young adults follow a successful path to financial wellbeing.

This 2019 update incorporates new tax changes that took effect in 2018 (e.g., no more Form 1040EZ). It also adds a section on college and career choices and a summary of the military's new Blended Retirement System.

2. The Financial Well Being Book: Creating Financial Peace of Mind by Chris Budd. Here’s a brief excerpt of the summary provided by Goodreads

This book will guide you through the steps required to make your own financial plan. In doing so you will consider issues such as your relationship with money as well as receiving many practical tips. The result will be a plan all about you – and how to increase your wellbeing.

3. The Meaningful Money Handbook: Everything you need to KNOW and everything you need to DO to secure your financial future by Pete Matthew. Here’s a brief excerpt of the summary provided by Goodreads

In The Meaningful Money Handbook, personal finance expert and podcaster extraordinaire Pete Matthew guides you through everything you need to KNOW and everything you need to DO to build a secure financial future for yourself and your family.

This is achievable for everyone by following three simple steps:

1. Spend less than you earn and clear debt.
2. Insure against disaster.
3. Build up your savings and invest wisely.

We hope you liked this article and if you’d like to know more about customer engagement, get in touch! We’re building a tool that will help you support your customer when they mostly need it.