Skip Header

Feel good about your money

Financial Wellness

Financial Wellness - Fidelity

When it comes to building your financial health, there's a good chance you already know some things you want to focus on. To make it manageable, it can help to think of your finances in four sections - budgeting, debt, savings and protection - and then set goals for each one. Starting with small goals, on your way to larger ones, can help you feel good about your money today and tomorrow.

Where to begin will depend on your unique situation; including where you're starting from and where you want to go in the future. To get you started, we’ve put together some ideas for a first step in each area. If you’ve already got these covered, see what your next steps could be.

FEEL GOOD TODAY

FEEL GOOD TOMORROW

Budgeting - Balance your budget
Creating a budget is a simple way to understand where your money goes and help see where you might be able to make savings. If you already have a budget, it’s a good idea to regularly review it.

Look at your last three bank statements to get an idea of what’s coming in and what’s going out. It’s often surprising to see how quickly small purchases add up. But this isn’t about eliminating all spending, it’s about making sure what you are spending is aligned with your goals. Learn more with five simple budgeting tips.

Savings - Start early on retirement
When saving for a long-term goal like retirement, an early start can give your savings significantly more time to grow. Achieving your retirement savings goals in the future starts with developing a roadmap now.

Explore our retirement rules of thumb to help you discover more about retirement savings. The four rules of thumb work collectively to help you understand more about saving and develop your own ideas to manage your retirement journey.

Debt - Know what you owe
Few of us are lucky enough to be debt-free for our entire lives. If you feel stressed about debt you aren’t alone, our recent research shows that nearly half (47%) of UK adults aged 20-39 have some stress about paying down debt*. 

Meet all your payment obligations if you currently have debt. You could then consider making extra payments towards high-interest debt, like credit or store cards. If you’re struggling, free and impartial advice is available from MoneyHelper.

Protection - Build up contingency savings
The last couple of years have taught us that life can be very unpredictable. Despite our careful planning, we can’t always see what’s around the corner. But putting aside some savings can help you to financially prepare for the unexpected.

Aim to have contingency savings of £1,000 and if you’ve already built this up, work towards saving three to six months of expenses. It’s a good idea to keep your savings readily available but consider having a separate account to your day-to-day spending.  Learn more about preparing for the unexpected.

 

*The Fidelity Global Sentiment Survey, 2021
The sample consisted of respondents with the following qualifying conditions: aged 20-75, either they or their partner were employed full-time or part-time and had a minimum household income of £10,000 annually.

The data collection, research and analysis were completed in partnership with Opinium, a strategic insight agency. Data collection took place between July and August 2021. Reporting and analysis took place between August and October 2021.

Ready to take control of your money?

Answer a few simple questions and get your own Financial Wellness Score.

It takes just a few minutes to see what you're doing right with your money ... and what might need some work. You’ll be able to get your score in budgeting, debt, savings and protection and some simple next steps.

Knowing your financial picture may help give you more confidence in making decisions and feeling good about your money.

None

Important information - this is not a personal recommendation for any investment or course of action. If you are unsure of the right approach for you personally, you should contact an authorised financial adviser. Withdrawals from a pension product will not normally be possible until you reach age 55 (this may change to 57 in 2028).