Financial wellness in Australia: What it means & how to improve yours

When we think about wellbeing, we often focus on physical health, mental clarity, or emotional resilience. But there’s another vital piece of the puzzle — financial wellness. Whether you're currently unable to work due to illness or injury, navigating the complexities of superannuation, or simply trying to get ahead financially, understanding your relationship with money is key.

At Better Claim, we believe financial wellness isn’t just about budgeting. It’s about feeling secure and supported — especially during life’s toughest moments. Here's how financial wellness works, why it matters, and ten ways you can start improving yours today.

What is financial wellness?

Financial wellness refers to your overall financial health and how money impacts your quality of life. It's not just about how much you earn, but how well you manage your finances, plan for the future, and make decisions that align with your values.

When you're financially well, you’re not constantly stressed about bills or the future. You have a plan, know your options, and feel confident in the steps you're taking — whether that means budgeting, accessing insurance in your super, or seeking professional support.

Why financial wellness matters

Financial stress is one of the leading causes of anxiety and depression. When your finances are out of control, every other part of life can feel harder — especially if you’re also managing health challenges or unable to work

Here’s why prioritising financial wellness can change your life:

• ✅ Covers your daily expenses: Managing regular costs like rent, utilities, groceries, and transport reduces daily stress.

• ✅ Helps you plan for the future: Whether it’s retirement, kids’ education, or a safety net, having a plan makes you more resilient.

• ✅ Gives you flexibility: Financial wellness allows for some breathing room — the ability to enjoy life, even during difficult times.

• ✅ Supports long-term independence: With the right planning (and knowing your rights, like insurance inside super), you can protect your future.

Practical tips to improve your financial wellness

If you're navigating financial uncertainty — due to a health condition, job loss, or life transition — these tips can help you regain control:

1. Know where your money goes

Track your income and expenses to build awareness. This is the first step to identifying where you can save, adjust, or seek support.

2. Set up an emergency fund

Even a small emergency buffer can help when unexpected costs arise — like medical bills, car repairs, or losing income due to illness.

3. Use insurance in super to protect your finances

Many Australians don’t realise they may have TPD (Total and Permanent Disability) or Income Protection Insurance inside their super fund. If you're unable to work due to injury or illness, you may be eligible to make a claim — even if your policy was automatically included by default.

💡 Need help? Better Claim offers a free consultation to see if you're eligible for a claim through your superannuation.

4. Pay down high-interest debts

Reducing credit card debt or personal loans can make a big difference in your financial breathing room. Start with the highest interest rates.

5. Start saving and investing — even small amounts

Building savings is about consistency, not size. Consider options like high-interest savings accounts or easy to use low fee EFT's.

6. Make a retirement plan

If you're still working, review your superannuation and consider whether you’re contributing enough. If you’re no longer working, learn your options for accessing super early.

7. Reflect on your money beliefs

This one if often not considered! Money mindset matters. Are your habits helping or holding you back? Understanding your financial triggers can improve your confidence and choices.

8. Get professional support

You don’t need to do this alone. Whether it's financial counselling, support with a super claim, or legal guidance, expert help can relieve stress and uncover options you might not know about.

9. Stay educated

Learn about your rights with super, insurance policies, and government supports like Centrelink. The more informed you are, the more empowered your decisions.

10. Spend with intention

Before making purchases, ask: Does this align with my goals? Being mindful about spending can help reduce guilt and increase satisfaction.

Financial wellness FAQs

Can I access super if I can't work due to a health condition?

Yes, you may be able to access your super early or claim TPD insurance through your superannuation. Better Claim helps people understand and access these options — even if you’re not sure where to start.

What if I didn’t know I had insurance in super?

You’re not alone — most people don’t. Many super funds include insurance by default. We can help you check your policy and assess your eligibility for a claim.

Is financial wellness achievable if I’m already in debt or on Centrelink?

Absolutely. Financial wellness is about taking control, step by step. No matter your starting point, progress is possible.

Final thoughts

Financial wellness is about more than money. It’s about peace of mind, security, and knowing you have options — especially during life’s hardest seasons.

If you’re unable to work due to illness or injury, you may have a hidden lifeline in your super. At Better Claim, we help Australians understand and claim what they're entitled to.

Book your free 30-minute consultation today and take the first step toward a more financially secure future.