“Can money buy you happiness?” It’s an age-old question – one that has been answered to some extent by the example of many unhappy millionaires. But a few years ago, Nobel Prize winning economist, Angus Deaton set out to answer that very question with economic principles. Deaton was awarded the Nobel Prize in Economics in 2015 for his studies on consumption, poverty, and welfare. His research indicated that beyond a $70,000 income, happiness level does not necessarily increase. He and his fellow economist, Daniel Kahneman, wrote, “More money does not necessarily buy more happiness, but less money is associated with emotional pain.”
Knowing that happiness and overall well-being are driven by something greater than money, financial institutions have developed programs that focus on financial wellness to help investors better manage their money to maintain a healthy, well-rounded life. In fact, many businesses have begun to focus on promoting financial wellness as a way to boost employee morale and increase productivity and growth.
Today, many companies provide financial education, but they often lack the unbiased approach necessary to provide individuals with sound advice and solutions. Unfortunately, many financial professionals that claim to promote “financial wellness,” actually push specific investment products without properly considering the needs of their individual clients.
A good Financial Wellness Program will begin with the premise that money does not buy happiness. Although building wealth can create a level of security, there are other facets of financial well-being that must be considered. These important elements include: education & communication, professional & unbiased guidance, and comprehensive solutions to financial concerns. People are most satisfied when they have developed a financial plan and have taken the time to prioritize their needs to achieve specific, realistic goals.
At Planning Solutions Group (PSG), we recognize the need for unbiased counseling on a variety of financial topics – including saving and budgeting, retirement and education funding, estate planning, risk management, and more. That’s why we’ve designed our own Financial Wellness Program, built on a foundation of “Education, Advice, and Solutions.” Our program is intended to accompany your overall employee benefits package – to provide educational seminars that address common financial planning needs and concerns. In addition, we offer one-on-one personal assessments to more easily tackle the unique goals of each person.
We believe in tailoring our advice and solutions to each individual, and we know that financial planning is not a “one size fits all” approach. We follow a holistic planning process, which allows us to get to know our clients at a personal level – to assist them with evaluation, goal-setting, and a customized long-term financial plan.
Money can’t buy happiness, but comprehensive financial education, advice, and solutions can set you on the right path toward achieving your goals. To learn how the PSG Financial Wellness Program can improve the health and wealth of your employees and your business, please contact: