According to a study on financial well-being, only eight per cent of people typically have their entire life mapped out in terms of financial stability. In fact, the majority of people only have ‘a few years’ planned out financially in front of them according to research by Morningstar.
During MeDirect’s second medirectalk for this year, Dr Sarah Newcomb, Director of Behavioural Science at Morningstar addressed the audience on “What Is Financial Well Being? – The Morningstar view”.
Dr Newcomb further explained how financial well-being is correlated to the amount of money people have saved up which is directly dependent on the mindset adopted by individuals.
Addressing the webinar, Dr Newcomb defined financial health as the combination of economic stability and emotional well-being with respect to one’s finances. She spoke about the four mental factors associated with financial well-being, and how they can impact one’s financial and emotional bottom line.
The event provided an expert overview of how focusing on financial well-being lets one assert their path to financial security. Dr. Newcomb also noticed a correlation on how one enjoys wealth and one’s general well-being.
MeDirect was very honoured to host Dr. Newcomb, an acclaimed writer who has earned mentions in the New York Times, Wall Street Journal, and USA Today, among other major publications. She has blogged for Investment News and Psychology Today, and is the author of ‘Loaded: Money, psychology and how to get ahead without leaving your values behind’.
In order to view the latest medirectalk session, as well as the past events visit https://www.medirect.com.mt/invest/medirectalk.