The most important thing in life is health. Asked about the second most important thing in life, the answer for Andreas Treichl, CEO of Erste Group, comes quickly: financial health.
Watch your (financial) health
In addition to physical health, financial health is also an important factor for wellbeing because financial problems can make us sick. However, money and health are also closely linked with each other because we are getting older today and need to prepare for a much longer period of time than before when it comes to financial precautions.
Spending money has never been easier
It has never been easier to spend money: digital payment is rising rapidly, credit cards help us to delay the pain of spending money and social media gives us a platform to showcase our spendings. In addition, we are influenced by customized advertising on social media and regularly spend money with subscription payments for our Netflix or Spotify accounts. One click and we pay invisible, for example when our Uber payments are triggered automatically.
Financial wellbeing
Some life situations might challenge our financial health. That’s why it’s a good idea to have a rainy day fund. In addition, the pension gap and possible waiting periods as well as potential part-time work play an important role in the planning of our finances. This is the reason why we should ask ourselves the following questions: Do I have my day-to-day and month-to-month finances? Can I absorb a financial shock? Can I meet my financial goals? Do I have the freedom to make choices to enjoy life? Everyone should answer these questions with yes in order to be financially healthy, and so one of our key responsibilities is to help people achieving financial health that everybody can live a balanced life.
“We don’t want to be a bank anymore in 10 years’ time. We want to be a financial health company – that’s something completely different”. Read on Andreas Treichl prescription for modern banking. https://t.co/6q3EeIms9E pic.twitter.com/su5tY3FU0h
— Erste Group (@ErsteGroup) July 30, 2019
What can George do for you?
George’s main mission is to manage people’s money and to empower you to understand and improve the personal financial life. That’s why our Research & Development Specialists from Hungary, Czech Republic, Slovakia, Romania, Serbia, Croatia and Austria came together in Budapest where we discussed different and innovative ways how George can improve your financial life and also how he can lead you to financial wellbeing.
The main focus was on new projects, products and activities that can help saving money or even save more. Our job for the future is to provide products or features which support by achieving the personal wishes, support the planning of your financial life, and assist on the way there.
The future is (y)ours
Even if you do not get much for saving, it is important to have reserves for financial bottlenecks to be able to live carefree and not have to worry about whether a car repair is pending or the washing machine must be replaced.
The issue of financial health will be of great importance for George in the next years, and will continue to occupy our minds. Because financial education, spending awareness and managing personal financial health affects each and every one of us as we all want to stay healthy.
