Council raises awareness on importance of the concept
AS the world collectively endures through a pandemic and an ongoing international conflict, world economies are taking drastic dive in response to global inflation. However, these factors have also enforced a new attitude among consumers focusing on the concept of ‘self-care’ - prioritising their physical and mental health.
The promotion of selfcare is a vital foundation of consumer health and it incorporates our food choices, exercise, sleep, our emotional self-care as well as our financial care.
In the year 2011, the International Self-Care Foundation established the International Self-Care Day.
This continues to take place every 24th of July annually, to demonstrate the importance of employing self-care 24 hours a day, and 7 days a week (24/7).
With the 2022 theme ‘Let’s act on self-care, together,’ our behaviour as consumers must take a more holistic view of wellbeing, where we must put less importance on instant satisfaction and focus more on long-term rewards.
The ‘health’ factor
A proactive approach toward health is a fundamental part of self-care, this means taking care of your mental health, making healthy diet choices, good hygiene, and nutrition, seeking medical care when needed, and physical wellness.
As consumers, our consumption choices are many times a health risk factor; the food and drinks we choose off the shelf can affect our sugar levels, salt intake, and cholesterol.
Poor initiative toward self-care increases our risks of non-communicable diseases such as diabetes, stroke, heart attacks, etc.
Consumers need to become more aware of the need to eat healthy foods to maintain good health, as such, the quality and nutritional values of products need to be considered as important as their price.
Mindful consumption ensures that what we input into our bodies improves our physical and mental health, and it becomes an important part of recovery for individuals with substance use disorders.
How can we as a consumer take care of ourselves to maintain health?
Eat healthy, regular meals and stay hydrated. A balanced diet and plenty of water can improve your energy and focus throughout the day. Also, limit sugary soft drinks;
Make sleep a priority. Stick to a schedule, and make sure you’re getting enough sleep. Blue light from devices and screens can make it harder to fall asleep, so reduce blue light exposure from your phone or computer before bedtime;
Intellectual nourishment. Staying informed, staying up-to-date with information, reading newspapers, and factsheets, and attending workshops will arm you as a consumer with relevant information about products, healthy living, and other vital information which you can use to make informed decisions;
Work-life balance. We must also ensure that we dedicate adequate time to both; our work and personal life and ensure that one does not encroach on the other. For instance, if we
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over-work ourselves, it will not only affect productivity but personal life as well;
Treat yourself to a good treat. The importance of rewarding ourselves after a hard day of work is good for our overall wellbeing. Financial self-care
When it comes to your mental health, self-care can help you manage stress, lower your risk of illness, and increase your energy.
Financial stress is one of the leading external causes of mental health among adults.
The recent rise in the cost of living due to increasing inflationary pressures triggered by supply shortages coupled with strong consumer demand and rapidly rising international commodity prices, has pushed many consumers to the brink of resorting
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to ‘fringe’ financial products with high-interest rates.
This increases unnecessary debt. Furthermore, the increasing prices have also decreased the purchasing power of consumers; further burdening them. The recent economic downturn has no doubt led to financial stress among consumers who are struggling to keep up with the rising prices. Hence, it is important to recognize some of the symptoms of this stress caused by financial hardships.
Symptoms stress:
According to BetterUp, the following are common symptoms of financial stress:
Symptoms of anxiety such as shortness of breath and a racing heart when
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of financial you think of money;
Avoiding phone calls, mail, and contact with creditors;
Cancelling social plans and avoiding friends;
Feelings of shame or embarrassment;
Feeling as if you are losing control of your finances or you cannot keep up;
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Anger or irritability with people who are involved in your finances, like a family member you share bills with or a manager at work who determines pay; and
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Worry, concern, or hopelessness about the future
Practising financial selfcare means focusing your time and energy on your money situation, making concrete plans and goals to cultivate a better financial future, and finding ways to support a healthy money mindset.
Tips for getting started For some support in this area, here are some key tips you can use to cultivate a balanced and peaceful financial future.
1. Rethink your relationship with money and spending - Take a good hard look at your relationship with money and spending. Are you spending money aimlessly without much thought and buying things that you do not need?
A great way to begin to transform your relationship with money is to take notes on your current spending habits, track every purchase, and list small changes you can make to begin changing financially harmful actions or thoughts.
2. Establish healthier money habits - This means setting up a savings account, building an emergency
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fund, looking into investment plans to build your wealth, and cutting out unnecessary spending. Setting up automatic deposits for savings or retirement accounts is a smart move. Think of this as an “out of sight, out of mind” concept, as this allows your money to grow.
3. Set realistic financial goals - To reap the benefits, take some time to write out your short-term and long-term money goals. Whether you want to reach millionaire status or simply get out of debt, with the right plan there’s no reason why you can’t get there, just make sure to be open-minded, clear, and as realistic as possible.
4. Invest in yourself - Today’s investment landscape is more varied and accessible than ever. Support and invest in start-ups and established companies based on their social and environmental impact - allowing you to build a portfolio that aligns with your values.
Financial stress already getting to you?
We are here for you. The Consumer Council of Fiji has a debt management and credit advisory arm whereby we help consumers to liaise with their financial service provider for a debt restructuring in cases of financial hardships.
The council also provides credit counselling and guidance on setting financial goals and budgeting. So, if you are in need of assistance, call our toll-free number 155 to speak with our in-house financial experts today!