What is financial wellbeing?

In a nutshell, financial wellbeing is how well you can cover everyday expenses with enough left over to save and manage any surprises.

Supporting your financial wellbeing gives you the ability to make choices that allow you to thrive - today, tomorrow and in tough times.

Why is financial wellbeing important?

Having enough money to meet your needs now and in the future is what financial wellbeing is all about. It's important because what you buy, how much you spend and whether you can save impacts your everyday quality of life.

Being on top of your finances gives you the power to break free from debt, treat yourself to something special and look forward to a future where your savings become a protective umbrella on rainy days. And boy oh boy, do we all need a good umbrella every now and again.

What is good financial wellbeing?

Financial wellbeing is about checking your spending habits, budgeting in a way you can stick to and paying off debts in bite-sized chunks (or rolling them into one).

If you can get to a point where you’re saving a bit of money each paycheck (including some for emergencies), adding to your super and investing wisely, then you're on the right track.

Get tips, tricks and useful money hacks by exploring our topics below.

Budgeting

8 Topics

Managing debt

4 Topics

Saving

5 Topics

Investing and superannuation

7 Topics

Your financial wellbeing score

What is the financial wellbeing score?

The score is like a financial health check, where a number out of 100 shows you how your financial health is doing right now. In just a few quick questions, you’ll reflect on your current spending habits, lifestyle and future goals. Once you know your score, you'll be given tips and tools that are tailored to help you improve it, and get on top of your money.

How does the financial wellbeing score work?

The algorithm turns your answers into a score (out of 100) to help you understand your current financial position and see how you compare to others in your age bracket. Just answering the questions can help you to spot attitudes or behaviours you could change to improve your financial situation.

What does your financial wellbeing score result mean?

The higher your score, the better your financial wellbeing and money management is at this point in time. But it’s important to remember that this number is not set in stone – if you’re worried about your result, just know that getting your score in the first place and reading the tips provided for you is a great step in the right direction. And you’re in the right place to keep it moving upwards.

How do I calculate and use my score?

Firstly, take note of your score so you can track it over time and watch it improve after using the tailored tips and tools suggested for you. If you feel like your score could use a boost, think about ways you could make the most of what you’ve got right now – like a refreshed budget or cutting back on a few expenses. If you’re feeling pretty good about it all, you might want to focus more on a stronger savings plan, or some investment goals.

Frequently asked questions

Where does financial wellbeing come from?

Since 2003, ANZ has carried out research to help Australians understand their financial literacy and transform attitudes and behaviours towards managing money.

Our financial wellbeing initiative is informed by the results of this research, as well as that of domestic and international industry thought leaders, including Professor Elaine Kempson from the Personal Finance Research Centre (PFRC) at the University of Bristol.

Read more about ANZ's financial wellbeing research.

Why should I care about financial wellbeing?

Your financial wellbeing plays an important role in your overall wellbeing and can have a big impact on your mental, emotional and even physical health. Taking control of your finances can give you the power to break free from debt, plan for the future, enjoy life, and treat yourself along the way. That's powerful stuff.

What is the ANZ Financial Wellbeing Challenge?

The ANZ Financial Wellbeing Challenge is a free 6-week email course designed to step you through the process of improving your financial position. The course includes a weekly email filled with financial coaching, plus tips and tools to help you improve your situation over time.

There are two challenges to choose from. The first is our Save Challenge – this is all about building a budget and reducing your debt so you can plan and save for your goals. The second is our Invest Challenge – which is all about reflecting on your long-term goals and getting familiar with investing strategies so you can grow your wealth in the future.

If you need help building a budget from the ground up, go with Save. If you’ve already got a budget and want to start thinking about your future, select Invest.

Where should I start learning about financial wellbeing?

You’ve come to the right place within the ANZ website, with the ANZ Financial Wellbeing Hub being a one-stop-shop to learn all things financial wellbeing. The best thing you can do to get started is to get your Financial Wellbeing Score. You’ll have a better idea of where you are right now and we can help you find the most relevant information to help you improve your score.

Important information

The information set out above is general in nature and has been prepared without taking into account your objectives, financial situation or needs. Before acting on the information, you should consider whether the information is appropriate for you having regard to your objectives, financial situation and needs. By providing this information ANZ does not intend to provide any financial advice or other advice or recommendations. You should seek independent financial, legal, tax and other relevant advice having regard to your particular circumstances.