Study Finds Connection Between Physical and Financial Health
“Health is wealth.” A popular saying goes. But with a new study that finds links between physical and financial health, the other way around may also be as true, “Wealth is health.”
The said study shows the correlation between physical health and financial health. How one affects the other is important to know as it can determine how we can live in the future.
What Is Physical Health?
We all know what physical health is. It can be loosely defined as the state of your physical body and how it operates. In other contexts, it is the absence of diseases. Since we were young, we were made to believe that physical health can be achieved through proper diet, regular exercise, quality sleep, and an appropriate lifestyle. But are these aspects the only ones that affect our physical health?
As stated above, financial health can also play an important role in a person’s physical health, according to a study. But what is financial health really?
Financial Health and How to Achieve It
According to Investopedia, financial health is the state of one’s personal monetary affairs. Furthermore, the dimensions measuring financial health include savings, retirement planning, and income spent on fixed and non-discretionary expenses. In other words, financial health is all about financial security and financial freedom.
Being in control of our finances can be the key measure of financial health. Whether it is for day-to-day expenditures, weekly, or monthly, a financially healthy individual will always have the freedom to meet planned goals.
There are many ways to achieve financial health. Spending less on unessential items, budgeting, investing, and having a savings plan can make you financially healthy.
Financial Health Impacts of Physical Health
According to the study, employees who save for the future by paying their contributions to 401(k) showed improvements in their blood test results and health behaviors, about 27% more than non-contributors.
Indeed, financial health can directly affect physical health.
If you are stressed financially, it may be difficult for you to get quality sleep. Without quality sleep, our body is prone to many health conditions. If sleep deprivation goes on without resolving it, it may soon lead to obesity, depression, anxiety, and lower sex drive. In worst cases, prolonged lack of sleep can result in high blood pressure, stroke, and diabetes. Stress from financial issues can also cause digestive issues, migraines, and body pains.
How Financial Health Impacts Physical Health of Seniors
Seniors’ physical health may depend much on their financial health. Aging may bring about various health conditions to our older adults. Some health issues may not be covered by Medicare, and seniors may have to use their own savings. Without money to spare, seniors are predisposed to many physical health problems that may include osteoarthritis, cataracts, heart disease, and many more.
When growing old, you need finances to cover your medications. Checkups with the doctor may be financially draining too. And your health expenses do not end here. You may have to decide your senior care option. Will you be staying at home or will you be going to senior community care? In both cases, you must have money to spare for health services from caregivers.
Securing Physical and Financial Health
We can achieve financial health while we are still physically fit. Ensuring our financial health should start during our prime days when we are still strong to work hard and earn income. Saving for the future is a good start. Setting aside a portion of your salary will assure you of something when the rainy days come. But it should not stop there. You have to set your goals in place and make a budget. Stick to your budget. And never forget to include in your budget what will go towards your medical needs. This way, you are not only ensuring your financial health but also your physical health.
The study only shows that physical and financial health go hand in hand. It may be hard to attain one without the other. Indeed, we cannot earn money with a sickly body. We can only come to a point of financial security because we labored for it. Because physical health issues may haunt us as we age, it’s good that we have our savings to sustain our expenses and manage various physical health problems that may befall on us. Indeed, financial health is very much needed when growing old. It can determine the quality of life seniors can have during their twilight years.