The nine dimensions of health: Financial
November 4, 2024 – Defence Stories
This article is part of an ongoing series that explores the nine dimensions of health, how they interact and influence our ability to balance life’s demands, and the resources available to help you feel healthy, resilient, and empowered. The previous article discussed the family dimension.
The nine dimensions of health (as highlighted in the Defence Team Total Health and Wellness Strategy) are interconnected elements that, together, contribute to overall health and well-being.
Financial dimension
The financial dimension of health refers to one’s relationship with money, or their “financial well-being.” This means having the ability to comfortably handle daily expenses while also managing money for future needs.
Financial well-being in Canada is determined by five different factor categories:
- Financial behaviours (e.g., tracking spending and saving, planning out expenses)
- Social factors (e.g., employment status, age)
- Psychological factors (e.g., attitudes towards spending and saving, self-control)
- Economic factors (e.g., income, cost of living in region)
- Knowledge and experience (e.g., knowledge and experience with money management)
Some common but significant financial factors that Defence Team members may encounter include:
- Changes in personal or family income
- Debts for credit card balances or loans
- Major and/or unexpected life events like having a child, getting married or divorced, medical necessities, supporting aging family members, etc.
- Planning for retirement
Canadian Armed Forces (CAF) members
CAF members can experience unique financial circumstances. Relocation and deployment comes with financial impacts, including moving, childcare costs, and potential impacts on spousal employment.
Being aware of these factors and planning for them is an important part of financial resilience for CAF members.
What are some ways I can work on my financial dimension?
Improving your financial well-being requires patience, care, and self-compassion. The most important thing is not to give up! Even small, gradual financial changes can have a big impact on your financial well-being over time.
Consider your spending
Taking some time to look at your daily expenses can help you understand where your money is going. It can be surprising to discover how a daily coffee impacts your monthly bills!
Think ahead
What are some of your key short- and long-term goals? Planning for future financial factors like purchasing a home, parenthood, or retirement can reduce feelings of stress or worry.
Take action
Make a budget that’s informed by your current spending habits and future plans. This can help reduce financial stress and give you a sense of control over your money.
What resources are available?
DND public service employees
Life Smart Coaching Services (PDF, 7.08 MB) (accessible only on the National Defence network), available through the Employee Assistance Program, are designed to enable individuals to take a proactive approach to managing challenges. Financial coaching and a variety of other coaching services are available.
The Pay & benefits webpage (accessible only on the National Defence network) hosts a list of resources to support your financial wellness.
CAF members, veterans, and their families
Through Canadian Forces Morale and Welfare Services (CFMWS), SISIP Financial provides expert advice and solutions to CAF members across pensions, investing, insurance, spending, borrowing, and more. Connect with SISIP for one-on-one financial advice, multi-person briefings, or access to our financial education portal.
Additional resources
DND employees
- Resources to help improve your financial well-being
- Your Pay Information (accessible only on the National Defence network)
- Pension benefits and insurance (accessible only on the National Defence network)