Financial Wellbeing and Inclusion

Kim Stephenson is a member of the ABP and specialises on the application of psychology in finance. The link below takes you to a paper which describes a model for applying our knowledge of psychology to finance and particularly debt. It was written as a result of Kim’s work with a charity, Toynbee Hall, so it’s likely to be helpful to anybody working in similar areas, such as with CAB, housing charities and so on.

The model also has practical use in two other fields. If you work in wellbeing, it’s increasingly apparent that mental wellbeing is as important as physical, and a major cause of stress (and resultant days off work, lack of engagement etc. as well as mental distress) is financial issues.  And if you work in compensation and benefits, then the engagement element, the issues of helping people to understand the value of the pension scheme and integrating that with any Employee Benefit Assistance, the outplacement process etc. are all important topics. The basic approach described in the paper can help you demonstrate the value of psychology in what most people think is a purely financial area.