#51: Money and Happiness

For more than a generation, people were taught to set money goals as cornerstone of managing financial wellbeing. What if there were a better way? Chris Budd, Founder and Chairman of the Initiative for Financial Wellbeing and author of The Financial Wellbeing Book, offers an alternate approach for financial planning and how we think about the role of money in our lives. In this conversation, we discuss the how purpose and values inform financial planning, how setting financial goals can create a vicious cycle, financial education in the workplace, retirement planning and the changing role of financial advisors.

Resources

Follow: Chris on his websites: Financial Wellbeing and The Eternal Business Consultancy

Read: 2021 PwC Employee Financial Wellness Survey

Read: Why employee financial wellbeing matters

Read: Happiness, income satiation and turning points around the world

Listen: The Financial Wellbeing Podcast

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Episode Highlights

  3:09  The real purpose of money

  9:20  The role of financial advisors if the true purpose of money is not

wealth accumulation

14:34  Where financial education is needed most

22:43  Should people be thinking of a prospective employers’ financial

wellness program when interviewing?

27:40  Advice for people who are behind on meeting their financial targets for

retirement

What “working with humans” means to Chis

“…working with your employees to help them to match their purpose with a purpose of the business, which is not a simple thing to do.”