Working Towards Better Financial Wellbeing with Gwen Harris
In our last episode of this season of The Work Well Podcast, we are delighted to welcome Gwen Harris, regional manager of MABS (the Money Advice and Budgeting Service). Gwen has 25 years of experience in client and community advocacy and education roles and is the perfect person to discuss the importance of financial planning and wellbeing with.
Today’s episode is all about financial wellbeing, firstly from an individual employee perspective, secondly we look at how an organisation could support the financial wellbeing of their colleagues and thirdly there’s advice for those who are self-employed.
Enjoy the conversation with Gwen Harris.
Gwen’s Work at MABS
Gwen has worked at MABS since 1996 and has spent 23 years of her career serving clients and communities in north Dublin. Currently, her job is not client facing, but the aim is still to help people who have difficulties managing their finances, those who have debt or are at risk of disconnections or repossession.
Providing education and guidance on budgeting and financial planning is one of MABS’s goals for the general public. They also have a lot of resources available on their website to help you plan your budgets, such as a financial health check and household budget template. In case you prefer it, you could also call MABS’ helpline at 0818 07 2000, Monday to Friday or text 086 035 3141.
What is Financial Wellbeing?
Generally, when we talk about wellbeing, people tend to think of mental and physical wellbeing. But a factor that greatly affects both is the financial aspect, which has been one of the main worries of employees since the pandemic started.
Gwen goes on to say that, if we talk about financial wellbeing, there are present and future aspects of it, which involve the control over recurring expenses and the capacity to deal with the financial shock that represents losing your job.
Having a nest egg for emergencies is often the way to go, but because every situation is different, there's no "rule of thumb" that successfully applies to all people.
The Principles of Budgeting: More Income or Fewer Expenses?
The word ‘budgeting’ can sometimes have the same effect on people like the word ‘diet’: both are met with a scarcity mindset, and that is something Gwen and her colleagues are trying to change.
There'll always be two sides to your budget, which are the income and the expenses. People often focus on the first, trying to find new ways to increase their revenue. Gwen then adds, "Can you change it? And it might not necessarily be looking at increasing your services or promotion or otherwise, but you could be. Have I got all my tax entitlements? Have I claimed my medical expenses?".
How Can HR Leaders Support Their Colleagues’ Financial Wellbeing
Money worries and financial distress play a huge role in people's motivation. "Probably over three or four years, there's been a lot of increased interest in financial wellbeing from employers, from the HR teams, and so on." Gwen states.
MABS works in partnership with the CCPC to promote financial education to employees. They offer a course called Money Skills for Life, you can find out more about that and other resources on their website.
Financial Advice for the Self-Employed
For those whose income might change from month to month or are self-employed, Gwen comments that the first step on improving your financial health is to take a look at your expenses and determine which are vital for your financial wellbeing and your family's.
"The most important advice that we would give anybody is to separate your personal banking from your work banking. And especially if you're sole trading." She adds.
Gwen also reminds us about the importance of working for you and trying to treat yourself as an employee, even if you are self-employed.
Thanks to Gwen for the excellent advice!
If you’d prefer to watch our conversation, you can view it on YouTube through this link.
If you liked this episode and want to know more about Gwen Harris, you can follow her on LinkedIn. And if you would like to read more about MBAS' work and resources, head out to their website.
Our Partners
This episode is brought to you in partnership with AJ Products who are leading the way in Ergonomic and Active workplace furniture solutions at ajproducts.ie
About Your Host
Brian Crooke is a wellbeing educator, speaker and adviser, empowering organisations to promote and sustain wellbeing within their workplaces.
He is the founder of The Work Well Institute and the Work Well Community and is Course Director of the Postgraduate Certificate in Workplace Wellness at Tangent, Trinity College Dublin. He is the host of The Work Well Podcast.
If you’re looking to bring sustainable wellbeing to your workplace then check out The Work Well Institute’s flagship programme, Developing a Workplace Wellness Programme that Lasts.
In his spare time, Brian is bringing free resistance training to every county and community in Ireland through his parkHIIT social enterprise.
If you have any suggestions for future topics you'd like to hear on the show, email Brian directly, brian@workwellpodcast.com
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