How Money Quietly Shapes Our Health: Insights From Nine Financial Advisers Across Australia

At the 2025 FAAA Congress, I walked the floor with one simple question:
How does money affect health?

What followed were some of the most honest and revealing conversations I’ve had this season. Across the busy convention floor, nine financial advisers shared stories from their work – stories of stress, clarity, overwork, grief, transition, and resilience. Their insights revealed one thing clearly: money and health are inseparable, and financial advice often becomes a health intervention long before clients realise it.

Clarity and Awareness May Help Reduce Stress

Several advisers observed that uncertainty around finances is a common contributor to stress. For many people, not knowing where their money is going can create ongoing anxiety.

Shannon Victor (Oxlade Financial) noted that some individuals avoid looking at their spending because they fear what they might find. Creating awareness of one’s financial situation may be an important first step in reducing unnecessary worry.

Similarly, Kelly King (Iconic Wealth) discussed how knowledge and understanding often matter more than income when it comes to lowering stress. Her experience suggests that guiding clients through the learning process can help them feel more comfortable with their financial decisions.

Bianca Musico (WARR HUNT) also shared that having a clear plan may give people a greater sense of certainty. For some clients, clarity may feel like “a weight lifted off their shoulders,” which in turn supports better mental wellbeing.

Overwork, Lifestyle Imbalance, and the Role of Perspective

A number of advisers reflected on the relationship between work and health. For some people, striving to improve finances may lead to long working hours or an unsustainable lifestyle.

Rob Pyne (HPH Solutions) highlighted that health, wealth, and happiness are interconnected, and overlooking one area may affect the others. Maintaining balance may be an important consideration for long-term wellbeing.

Mark O’Flynn (Oxlade Financial) observed that many clients are already on track to achieve their goals, which may mean they don’t need to work as hard as they think. Understanding this can help people make more informed choices about time, work, and rest.

For Sarah Leslie (Story Wealth), overworking can sometimes become a distraction from deeper personal challenges. She has seen how significant life events, such as health issues among family or friends, prompt individuals to reconsider their priorities.

Life Transitions and Rebuilding Wellbeing

Advisers working with clients through major life changes often see the close connection between money and health.

Jordan Vaka (PlanningSolo) explained that experiences like divorce can impact mental health long before the financial aspects are resolved. Small “wins” – such as allocating money to exercise, nutrition, or therapy – may help individuals regain control during difficult periods.

Nathan Fradley (Nathan Fradley Specialist Advice) frequently meets people who care deeply for others but struggle to prioritise themselves. In some cases, encouraging clients to allocate money specifically for their own wellbeing is a meaningful step in rebuilding confidence and balance.

Retirement specialist Martin McGrath (Financial Edge Group) noted that some people continue working out of fear of running out of money, even when their finances suggest they are ready to retire. Seeing their position clearly can help them make decisions that support both their health and lifestyle.

A Broader View: Money as a Support for a Good Life

Across these discussions, one idea stood out: financial advice can help people feel more in control of their lives, which positively influences wellbeing.

While money itself does not guarantee health or happiness, understanding one’s financial position provides confidence and allows people to make choices aligned with their values. Good advice is often about more than strategy – it’s about giving clients permission to invest in themselves, reclaim time, and focus on the things that matter most.

Personal Reflection

Walking the FAAA Congress floor, I was struck by how much insight comes from experience. These advisers have spent years sitting with clients, seeing real lives unfold, and witnessing the quiet ways financial stress erodes health.

It made me reflect on my own approach to money and wellbeing. So often, we focus on what we can earn or save, without recognising the impact that clarity, planning, and balance have on the quality of our lives. The conversations reminded me that financial advice is not just about numbers – it’s about human lives. And when done well, it’s a gift that extends far beyond the balance sheet.

Featuring

• Shannon Victor – Oxlade Financial
• Kelly King – Iconic Wealth
• Bianca Musico – WARR HUNT
• Mark O’Flynn – Oxlade Financial
• Sarah Leslie – Story Wealth
• Rob Pyne – HPH Solutions
• Jordan Vaka – PlanningSolo
• Nathan Fradley – Nathan Fradley Specialist Advice
• Martin McGrath – Financial Edge Group

Listen to the full conversation to hear how advisers across Australia are thinking about the relationship between money, behaviour, and wellbeing.

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On this episode of It’s Never About Money, I am joined by Shaun Maslyk, a trained and practising Certified Financial Planner® and Certified Financial Behavior Specialist®. Shaun integrates psychology, positive psychology, and coaching psychology theories to help people understand their money stories and flourish beyond their finances.

In our conversation Shaun shares his journey into financial psychology, the relationship between money and happiness, and the concept of financial flashpoints – highly emotional events from childhood that shape our financial behaviours. We also discuss the PERMA model of well-being, which includes five key pillars: Positive Emotions, Engagement, Relationships, Meaning, and Achievement. 

This episode is a deep dive into the intersection of money, psychology, and well-being, offering valuable insights for anyone looking to improve their relationship with money and live a more meaningful life.

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In this episode of It’s Never About Money, I welcome David Delisle. David is founder of The Awesome Stuff, an Amazon bestselling author, entrepreneur, real estate investor, speaker, and most importantly, a dad.

This episode is centred around David’s book, The Golden Quest, as we discuss teaching financial literacy to children and how to live a richer life with what is most important to you. We are also joined by my 7 year old nephew, Julian, who has read David’s book and had some interesting thoughts to share. This is a must listen for anyone wanting to breach the topic of money with the children in their lives.

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It’s no secret that I take children’s financial literacy very seriously. It’s always top of mind for me and everyone at Stephan Independent Advisory. If I’m not interviewing my nephew or niece about money concepts, or travelling to PNG to work with CUFA, then I’m most likely steering the conversation towards financial literacy on It’s Never About Money.

This week I had the great pleasure of talking to Simon Brown about this very topic. Simon is co-CEO of Banqer, a simulated online banking for your classroom. It provides a hands-on environment for kids to get curious, creative, and ultimately, confident with money. The platform has reached over half a million school students across Australasia. In his role, Simon combines his deep passion for finance, technology, and education to empower teachers and elevate students’ financial literacy and overall well-being. 

Our conversation explored the challenges of making financial concepts engaging and accessible in the digital age. Banqer addresses this by providing practical and relevant financial education through simulations. Students from primary to senior secondary school manage mock online bank accounts, earn fictitious wages, and pay expenses, mimicking real-world financial scenarios. This approach not only makes learning enjoyable but also imparts essential life skills.

A significant part of our discussion centred on the role of schools in financial literacy. Simon emphasised that financial literacy should be an integral part of the curriculum. Money matters are always going to be a big part of life, because in this world nothing can be said to be certain, except death and taxes.

But as well as financial education in schools, we addressed the challenge of financial inequality and the varying levels of financial literacy among parents and adults. Schools, Simon suggested, can serve as potential equalisers by incorporating financial literacy into the curriculum. This helps students bring these concepts home and support their families, fostering a culture of financial awareness and well-being.

Reflecting on our discussion, it’s evident that financial literacy is more than just numbers; it’s about shaping a life of meaning and fulfilment. As we navigate an increasingly complex world, equipping the next generation with the tools to make sound financial decisions is paramount. I hope this episode inspires you to engage in financial conversations at home and support initiatives that promote financial literacy in schools.

To hear the full conversation with Simon Brown, listen to episode 62 of It’s Never About Money.

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In this episode of It’s Never About Money, I had the absolute pleasure to be joined by Scott Rick, Associate Professor of Marketing at the University of Michigan’s Ross School of Business.

Scott’s research, which spans across marketing, psychology, economics, and neuroscience, provides a science-based guide to understanding and transforming how we manage money in relationships.

In the episode, we talked about a raft of topics including tightwads vs spendthrifts and communal vs exchange relationships, but there was one topic that I found particularly fascinating. That topic was blurring income differences for a more harmonious relationship.

What is blurring income differences?

The concept of blurring income differences for harmony in relationships is that by commingling all incoming money into a shared joint account and treating it as “ours” rather than “mine” or “yours”, couples can minimise the impact of income disparities on their relationship. This approach creates a sense of equality and shared responsibility when it comes to managing finances, which in turn promotes harmony and reduces potential conflicts.

One key aspect of blurring income differences is the psychological distance with shared funds and its impact on purchasing power. When one partner feels distant from the money and perceives it as an allowance rather than shared resources, it can lead to feelings of inequality and limitations in what can be done with the money. This can create disharmony and strain the relationship, especially if one partner is a spendthrift while the other is a tightwad.

Tightwads and Spendthrifts

The terms spendthrift and tightwad come from Scott Rick’s book, “Tightwads and Spendthrifts: Navigating the Money Minefield in Real Relationships.” I highly recommend giving it a read. In the book, Scott explains that a spendthrift is someone who tends to spend money excessively or impulsively, often without much consideration for budgeting or saving. They may prioritise immediate gratification over long-term financial goals and may struggle with overspending.

On the other hand, a tightwad is someone who is overly cautious or reluctant to spend money, even when it may be necessary or reasonable to do so. Tightwads typically prefer to save rather than spend and may feel anxious or uncomfortable about parting with their money, even for essential purchases.

If a couple in a relationship fall on both ends of this spectrum, which they often do, it’s even more reason to adopt the strategy of blurring income differences. In the episode, Scott explains an ideal account structure to help relationships thrive and succeed. 

By blurring income differences and treating all money as joint funds, couples can avoid pitfalls and foster a sense of unity in their financial decisions. This approach can help partners feel equally invested in managing their finances and empower them to make decisions together that benefit the relationship as a whole. It also allows for greater transparency and open communication about financial matters, which is crucial for building trust and mutual understanding.

To hear the full conversation with Scott Rick, listen to episode 60 of It’s Never About Money.

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Financial literacy has the power to change lives. 

In the latest episode of It’s Never About Money, I sat down with Darian Clark, the CEO of CUFA, to explore the social impact of financial literacy. 

CUFA, formerly known as Credit Union Foundation Australia is an independent, secular, not-for-profit Australian development organisation. It works as a bridge, providing people with the skills and tools around financial literacy to start and run their own businesses. 

They also offer long-term mentoring and support to help individuals succeed. Small business is seen as the ultimate act of passion, and CUFA does everything within their power to help communities and individuals overcome barriers and thrive.

CUFA’s financial literacy programmes don’t end there. They also work with primary school children, providing them with financial literacy education. This unique approach involves directly delivering financial literacy lessons in school classrooms. Their goal is to encourage critical saving habits and educate students on financial services. CUFA even helps the children set up their savings accounts in community-owned banks.

Through this programme, they also empower teachers to deliver their curriculum, allowing for greater reach and sustainability. The aim of CUFA is not to own knowledge, but to share it. They hope to work with national departments of education to integrate financial literacy into school curricula. By doing so, they aim to create long-term change and improve outcomes for future generations.

We have been working with CUFA with their Children’s Financial Literacy programme, including a trip to PNG to teach financial literacy in a local school and a short children’s financial literacy booklet. 

Through organisations like CUFA, individuals in impoverished areas are given the tools and support they need to succeed, providing economic opportunities and empowerment. By integrating financial literacy into school curricula, the impact can be multiplied, creating a more equitable and financially empowered future for generations to come.

To hear the full conversation with Darian Clark, listen to episode 52 of It’s Never About Money. 

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What does it mean to pursue meaning over money?

Is it really a binary? Is there meaning OR money?

Can you do both? Can money buy you happiness?

It’s not very often that you come across someone whose philosophy is completely aligned with your own. But this week, I sat down and had an amazing conversation with someone whose ideas and values mirrored my own.

Travis Shelton is a professional financial coach, speaker, writer, and host of the Meaning Over Money podcast. 

Travis helps businesses and families have a healthy relationship with money, not necessarily to have more, but rather to live a more meaningful life by pursuing work that matters and creating an impact on others. 

He works with a wide range of people from professional athletes, executives, teachers, and lawyers to business owners. While each person’s journey is different, there are common themes when it comes to the emotional, relational, and psychological aspects of money. 

A lot of our conversation could be boiled down to one concept: the pursuit of meaning over money. It doesn’t really need to be pointed out, but this is the core concept of both our podcasts.

In the episode, Travis talks about polarising or seemingly contrasting notions, like meaning Vs money. He explains that these notions just simply aren’t correct. Pursuing meaning doesn’t mean you’re going to live a life of poverty. 

“If you pursue money, you just might find it. You very well could find it. But if you choose meaning, you will find meaning. And you will have a deep meaningful life and you may have some money along the way.”

But what about the adage ‘money can’t buy happiness’. Well, the truth is that it can… to a certain point. We need money to ensure our basic needs are met – to pay bills, have food and water, and a roof over our heads.

Our conversation is brimming with insight and thought-provoking philosophical thought. Writing about it simply won’t do it any justice. Have a listen for yourself!

To hear the full conversation with Travis Shelton, listen to episode 49 of It’s Never About Money.

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“Sex sells” is a fundamental philosophy when it comes to marketing and advertising.

However, in 2021, as the pressures of climate change are becoming increasingly prevalent, this philosophy has changed.

We’re now Eco-Consumers (someone needs to call up Kermit the Frog and inform him that now it IS easy being green).

Our podcast guest this week, Nathan Fradley, Director of Tribeca Financial and Ethos ESG, discusses the trend of greenwashing.

Nathan asserts that labelling something as “eco”, “green”, or “ethical” is a great way to sell a product.

“It’s a consumer trend. Compostable packaging, carbon offsetting … it’s also an advertising opportunity.”

“This is capitalism,” he remarked. “How many times have you purchased a bamboo toothbrush, or biodegradable garbage bags, or anything with the word “green” on them over a less eco-friendly product?”

This eco-consumeristic trend isn’t just limited to the supermarket, however, it is a small part of a broader industry shift towards environmental considerations.

The term ESG has been cropping up more and more, but what does it all mean?

It simply means Environmental, Social, and Governance considerations.

Nathan explains that a company will ask themselves, “What are the considerations I need to take in this business to look at my broader environmental impacts? To make sure there is no controversy [and] no risk to shareholder capital.” 

What social responsibilities does a business have? What is their product and how does that impact the community?

Governance is an internal look at the company; what does our board make up look like? How do we operate as a company?

Now more than ever before, Nathan believes, it is important for companies to build environmental, social and governance considerations into their process and framework.

Hear the full conversation about ESG in Episode 26 of It’s Never About Money.

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This week is part 2 of our conversation with friend and former Financial Advisor, Dale Scally. If you didn’t get a chance already, please take the time to listen to Episode 24 – it’s an incredible and candid conversation full of refreshing insights from which you’re sure to glean some value.

Dale has been a finance professional for 23 years and a business owner and Director for 11. Dale has recently transitioned out of financial advising and evolved his career into business coaching with the objective to raise the financial IQ of the Australian and global population.

We sat down as finance professionals and contemporaries to discuss all things to do with financial advice and financial planning. This week we are continuing to unpack the special report published by Stephan Independent Advisory which you can find here called:

Your Financial Road Map: A step-by-step plan to help you manage your wealth for the next generation.

The Wealth Management Formula

The perfect formula for wealth management is the right mix between investment consulting, advanced planning, and relationship management.

Investment Consulting

When family business owners engage a wealth advisor, they’re conditioned to expect expert, investment-centric advice. But investment consulting is only one part of the equation, and it’s not particularly helpful in the absence of an overarching wealth management solution.

Having a comprehensive wealth management solution is about understanding why we make the investment decisions we make, and the relationship between the client and their finances.

With 85% of Australia’s financial advisors being affiliated with a bank or financial institution, often advice is skewed towards a specific product, and may not be in their client’s best interests. The advice model should always put the clients life goals and financial objectives first.

Advanced Planning

Advanced planning can ensure a comprehensive wealth management strategy that sees the family business owner and their family looked after into the future. Advanced planning includes:

• Wealth Enhancement – creating wealth through maximising cash flows and minimising tax liability.
• Wealth Transfer – dispersing assets and capital to the next generation during the business owner’s lifetime and through estate planning.
• Wealth Protection – investment planning and risk mitigation; identifying personal and financial risks and putting in place insurances and other strategies to protect long-term goals.
• Philanthropy – charitable giving within a sustainable and tax-effective framework.

Robust advanced planning is necessary to ensure the client has the best chance to achieve their life goals and financial objectives.

Relationship Management

The last part of the equation is relationship management. Relationship management is all about building the right team of professionals in the financial services sphere to work collaboratively for the client’s needs so that they have the right expertise at their fingertips to achieve their financial goals.

No one wealth advisor is an authority on all disciplines, so the brains trust of professionals may include accountants, financing experts, commercial and estate planning solicitors, personal insurance advisors, and business management consultants.

Listen to the full conversation on Episode 25 of It’s Never About Money.

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This week we sat down with friend and former Financial Advisor, Dale Scally.

Dale has been a finance professional for 23 years and a business owner and Director for 11. Dale has recently transitioned out of financial advising and evolved his career into business coaching with the objective to raise the financial IQ of the Australian and global population.

We sat down as finance professionals and contemporaries to discuss all things to do with financial advice and financial planning. This week we are continuing to unpack the special report published by Stephan Independent Advisory which you can find here called:

Your Financial Road Map: A step-by-step plan to help you manage your wealth for the next generation.

When talking about family business, and maintaining and preserving the legacy of that business, there are key issues keeping owners awake at night. The two main issues are succession planning and business continuity.

Succession Planning

The same questions continually come up when it comes to succession planning in a family business; Who will take over, and do they have the capability to successfully continue the business, will they uphold the family legacy?

These questions weigh heavily on the minds of family business owners as they grapple with the emotional and logistical complexities of transitioning out of the business.
A family business is an extension of core values and beliefs and an intrinsic part of the owner’s self-worth and identity. Because of this, it makes a complex situation a little more sensitive.

Business Continuity

After succession planning, the next item on business owners minds is business continuity.
Business continuity is crucial to preserving legacy and is built around trust and respect. The owner needs to trust that the chosen successor will maintain the values and work-ethic of the business in order for them to properly relinquish control.

Dale explained in our conversation that his “succession event involved transitioning clients into capable hands.”

He advises that like any delicate family situation, careful planning, communication, and mutual respect are key if it’s to be a smooth transition.

To hear the full conversation, listen to episode 24 of It’s Never About Money.

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