In a recent survey, PricewaterhouseCoopers (PwC) found that 55% of U.S. workers report that money worries have or continue to have an impact on their mental health. Even more shocking is that people who are financially stressed are twice as likely to suffer from poor health overall. Let’s look at why financial and physical wellness are both important and why that correlation could matter in your life.
How Money Affects Health
Money issues can cause anxiety, depression, and stress. Over time, any of those conditions can worsen into poor physical health, including high blood pressure, internal organ issues, heart conditions, cancer, a weakened immune system, and a decline in health.
How Health Affects Money
In recent data from the National Health Foundation, those with poor health often have no savings whatsoever compared to 35% of working-age adults in good health. Those with poor health, whether due to an illness or the long-term effects of financial strain, often cut back on quality food, clothing, and basic needs due to a lack of finances. That lack of proper nutrition can then lead to even more health problems, according to the Centers for Disease Control (CDC).
It's All About Wellness
Your financial and personal wellness are connected. To ensure they are both equally considered and cared for, give these tips a try.
- Schedule an Annual Financial Health Day: Set aside a day to review your insurance policies, investment portfolio, budget, will, and trust. Doing so can reduce stress and help manage your financial future.
- Be Proactive Instead of Reactive: Budget some of your money for your overall health. Proactive options include a gym membership, buying better food ingredients, or an ergonomic office chair and desk. Spend the money now instead of paying for physical therapy or medication years down the road.
- Build a Health Security Fund: Start a separate savings account that is set aside for medical expenses to help you avoid going into medical debt. If it’s an option, fund a Health Savings Account (HSA) for some possible tax advantages.
Boost Your Financial Wellness
More Financial Wellness Matters blogs on topics ranging from financial self-care to protecting your financial health are coming soon. Twice a month, we’ll dig a bit deeper into the relationship between financial health and overall well-being, shedding light on the behaviors and beliefs that drive money relationships. With simple tips and proven insights, we hope to enhance your financial well-being and help you live a healthier, happier life.