Why Privacy is Financial Wellness

Why Privacy is Financial Wellness: Why Privacy Must Make Its Way Into Financial Wellness Education

Financial wellness has matured into being something that nearly everyone talks about. Whether that occurs on social media, in the classroom, or even within the workplace, financial wellness education seems to be missing one thing, however: privacy education.

Privacy is part of financial wellness because it (and data protection broadly) help to protect your personal and financial information from being accessed or used by un-authorized parties; this can be especially important when it comes to things like online banking, credit card transactions, and other financial activities that involve sensitive information.

If you're financial wellness program is missing privacy education, you could be doing your stakeholders a disservice in the modern, digital-age.

What would privacy as a part of financial wellness education look like? For starters, you can explain how people can take certain steps to to protect their privacy. For example, you can explain what privacy is, some of the versions of privacy, and how privacy tools and awareness can help reduce the risk of identity theft, financial fraud, and other types of financial crimes. This can help to ensure that your financial accounts and assets are secure, and that you are able to maintain control over your financial situation.

You can also include ways ways to protect your privacy include:

  • Using strong and unique passwords for your financial accounts
  • Avoiding sharing personal or financial information over the phone or online with people you don't know
  • Being careful about what personal information you post online, especially on social media
  • Being aware of and protecting against phishing scams and other types of online fraud

Financial wellness education is an important aspect of overall personal and financial health, as it helps individuals to make informed decisions about their money and manage their finances effectively. Since data is an asset, you can't miss this critical module. However, right now, many financial wellness programs and resources fail to adequately address the importance of privacy in relation to financial wellness.

As 2023 progresses, it is the duty of financial wellness educators to engage with their stakeholders on privacy issues and education. Privacy impacts all of us, and we're more than happy to connect about how to incorporate privacy into financial wellness education. Reach out to us at support@mydatabanc.com today!

Bancy

DataBanc Editorial Staff

January 8, 2023