Financial Disparities and Wellbeing: The Crossroads of the UK's Post-Brexit Economy
Phill Holdsworth
Money Habitudes? Certified Facilitator and Multi Award Winning Money Psychologist helping people understand their relationship with money - what drives their choices and behaviours.
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In a rapidly evolving economic landscape, the United Kingdom faces complex challenges. The Brexit aftermath is reshaping the socio-economic fabric of the nation, not least raising concerns about wealth inequalities and their impact on wellbeing.
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The question arises: Is wellbeing a privilege, solely within the reach of the affluent, or an intrinsic human right, irrespective of financial status?
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A recent podcast featuring Kate Wall, Registered Nutritionist and coach, Sarah Gardner, HR Consultant, alongside hosts Phill Holdsworth, Money Coach of AurumGold, and Rachel Surtees, The Rambling Psychotherapist, delved into this delicate confluence. This article is a deep dive into this conversation, appealing for reflection on our financial realities, redefinition of collective aspirations, and a strive towards a society where wellbeing is a unifying thread, not a currency of the affluent.
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Financial Health: The Great Divide
In the post-Brexit era, one of the most pressing issues is the widening gap between the different strata of wealth. The realities of income disparities in the UK have become starkly apparent. The Joseph Rowntree Foundation's 2023 report on UK poverty, for instance, revealed that over 14 million people in the UK, including 4.6 million children, are living in poverty (1). This kind of financial stress has a profound impact on people's overall wellbeing, influencing not just their material living conditions but also their mental and physical health.
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In their 2022 paper, Economou and Nikolaou compellingly illustrated the correlation between wealth inequality and health disparities (2). They found that individuals living in poverty-stricken areas of the UK have a lower life expectancy and are more likely to suffer from chronic health conditions compared to those in more affluent areas.
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The real-life story of Jane, a single mother of two living in North London, encapsulates this bleak picture. Despite working full time, she struggles to afford the cost of nutritious food and recreational activities for her children. The constant financial strain has taken a toll on her mental health, leading to anxiety and depression.
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A Case for Holistic Wellbeing: The Intersection of Wealth and Health
In light of such disparities, it is essential to view wellbeing holistically, taking into account not only physical health but also mental health, nutrition, and financial stability.
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In their podcast, Wall and Gardner shed light on the ways in which wealth impacts holistic wellbeing. Wall highlighted the role of nutrition, arguing that access to quality food is often restricted by financial constraints, leaving the less affluent at higher risk of health problems. Simultaneously, Gardner focused on the workplace's role, emphasising that businesses must invest in the mental health and wellbeing of their employees, irrespective of the company's size or sector.
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The compelling narrative of Tom, a small business owner from Manchester, further illustrates this intersection. He experienced financial distress following Brexit, impacting his business's profitability and subsequently his employees' wellbeing. Recognizing the importance of mental health, Tom invested in an Employee Assistance Program, offering free counselling services to his staff, despite the financial constraints.
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Redefining Aspirations: Wellbeing as a Shared Responsibility
The intricate connection between financial disparities and wellbeing warrants a fundamental shift in our understanding and treatment of wellbeing. Rather than being a luxury available only to the rich, wellbeing should be seen as a birth right, an integral aspect of our shared humanity.
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Holdsworth and Surtees, in their roles as hosts, posited that this change begins with a redefinition of our collective aspirations. It is essential to foster a culture where financial stability does not solely equate to success, and wellbeing becomes an integral part of the conversation. This requires policy changes at a governmental level, initiatives from businesses, and individual action.
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The Finnish government, as an example, has pioneered a wellbeing economy approach. By prioritising the happiness and wellbeing of citizens over GDP, they have significantly improved their population's health and satisfaction levels (3).
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As the UK navigates its post-Brexit landscape, it is clear that the question of wellbeing is not just a philosophical debate but a crucial social issue. The testimonies of Jane and Tom, alongside the insights from Wall, Gardner, Holdsworth, and Surtees, reveal the interconnected nature of wealth and wellbeing. It is a call to action for all of us, urging us to redefine our collective aspirations and build a society where wellbeing is not a privilege of the affluent, but a bond uniting us all. Let us remember wellbeing is not a luxury; it is a shared responsibility.
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Further reading:
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Footnotes
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