An all-female financial wellbeing event was recently hosted by Arbuthnot Latham at The Farm Club, a serene lifestyle hub set within 300 acres of beautiful Cheshire countryside. The event offered a holistic experience by combining activities that promoted both physical relaxation and insightful discussions on financial planning, helping participants focus on their overall wellbeing.
Attendees were encouraged to not only engage in yoga and a sound bath to enhance their physical health but also to reflect on their financial wellbeing. Wealth Planner Rachel Wyatt made the connection between financial and overall health, quoting Benjamin Franklin’s famous phrase, “Early to bed, early to rise, makes one Healthy, Wealthy, and Wise.” Rachel explained how financial anxiety can take a toll on both mental and physical health, which highlights the need for individuals to have control over their financial situation.
Arbuthnot Latham’s Healthy, Wealthy and Wise report revealed that the majority of people, 4 out of 5, regularly worry about their finances. This concern wasn’t confined to those with lower levels of wealth, showing that financial wellbeing is not solely about the amount of money a person has but also how secure and prepared they feel.
Rachel Wyatt prompted participants to reflect on key aspects of their financial situation, asking questions that could help them assess their financial wellbeing. She encouraged them to think about whether they have sufficient funds set aside for unexpected expenses, how quickly financial stress might affect them if they needed access to those funds, and whether they feel confident in managing their finances. Another important point she raised was the need for loved ones to be aware of what to do if the person responsible for the family’s finances was not there to handle matters.
More than half of the respondents in the Healthy, Wealthy and Wise report were uncertain about seeking advice from a financial adviser, which led Rachel to stress the importance of building a trusted team of professionals to guide individuals through major life decisions.
Retirement planning was another critical topic of discussion. Rachel asked the attendees whether they felt confident in maintaining their lifestyle in retirement. The report showed that almost a third of people are unsure how much is in their pension. Rachel recommended regular reviews with professional advisers to ensure people stay on track with their retirement goals.
Legacy planning was also addressed, with Rachel encouraging open conversations about how wealth will be passed on to the next generation. While many find this an emotionally challenging topic, Rachel emphasised that discussing it early can help prevent potential family tensions in the future.
To help participants assess their financial wellbeing, Rachel outlined five key areas: financial knowledge, awareness, confidence, resilience, and support. These areas encompass understanding basic money management, knowing one’s financial position, feeling in control, having the resources to handle unexpected financial challenges, and being able to access professional advice when necessary.
Rachel encouraged everyone to take control of their financial future, reminding them that managing their finances is just as important as caring for their physical and mental wellbeing. By gaining knowledge, creating a plan, and working alongside trusted professionals, individuals can reduce financial stress and improve their peace of mind.
Arbuthnot Banking Group PLC (LON:ARBB), trading as Arbuthnot Latham, provides private and commercial banking products and services in the United Kingdom. Founded in 1833, Arbuthnot Banking is based in London, United Kingdom.
