As I type this I am trying to ignore the slight undercurrent of panic slowly bubbling as I contemplate the half marathon ahead of me this morning. I know I will get round it, I have put the training in, but no matter how many runs I do there is something about a ‘race day’ that makes it somehow much more challenging than a normal training run.
So what does physical health have to do with our finances?
We all know that stress can have a negative impact on our physical health and wellbeing, and financial concerns are a common cause of stress. By removing financial concerns it follows that our physical wellbeing might be positively impacted
There is a new body of research emerging about the connection between our physical health and our financial health. In the recently published Momentum UK Household Financial Index 2017; by the Personal Finance Research Centre at The University of Bristol, 39 per cent of those reporting excellent health said they were confident about their long-term financial situation, while only 18 percent of those in poor health said the same.
The research also identified that people who felt they didn’t eat enough healthy food were 10 per cent more likely to have savings of less than £100, and that 17 per cent of people who were not healthy struggled to pay bills, compared with 5 percent of healthy people.
What the survey doesn’t tell us is whether financial wellness leads to improved physical wellbeing, or whether good health and high levels of wellbeing lead to higher levels of financial wellbeing. It is likely that the relationship probably works both ways and that it is complicated by other factors. A very interesting topic for further thought and research, but it seems that if you want to improve your financial health, taking positive steps in relation to your physical health can help you on the way.
We believe that financial planning is about more than just money, contact us at firstname.lastname@example.org if you have any questions about improving your financial wellbeing.