It’s often thought that hav­ing mon­ey leads to hap­pi­ness.  While that’s not nec­es­sar­i­ly true, being finan­cial­ly secure does cre­ate a sense of well-being which impacts your men­tal and phys­i­cal health.  To address our whole health in 2023, we need to under­stand the rela­tion­ship between finan­cial and phys­i­cal wellness.

Infla­tion, at 7.1%, has made finan­cial stress worse and the rise in prices has had a major impact on people’s finances and their abil­i­ty to afford every­day pur­chas­es.  In Feb­ru­ary 2022, the Amer­i­can Psy­cho­log­i­cal Association(APA) report­ed the high­est num­ber of peo­ple expe­ri­enc­ing mon­ey-relat­ed stress since 2015 – 65% of respon­dents said mon­ey is a sig­nif­i­cant source of stress. Younger peo­ple are more stressed about mon­ey, with 82% of Gen Z (ages 18–25) and 81% of mil­len­ni­als (ages 26–43) report­ing that mon­ey is a stressor.

When you are expe­ri­enc­ing finan­cial trou­bles or have unfore­seen expens­es to cov­er, your health may be impacted.

Peo­ple with finan­cial bur­dens often neglect impor­tant pre­ven­tive care or med­ical reg­i­mens.  Delay­ing rou­tine exams and pre­ven­tive screen­ings can make it dif­fi­cult to catch med­ical issues ear­ly when they are eas­i­er and less cost­ly to treat.  Addi­tion­al­ly, experts have found that stress from mon­ey prob­lems tends to be chron­ic, or long-lasting.

Remem­ber that it is impor­tant to con­tin­ue mak­ing your phys­i­cal health a pri­or­i­ty as you work on your finan­cial well-being.  Although you may like­ly still face finan­cial stress, there are ways to make it more manageable:

  • Eat a healthy bal­anced diet
  • Exer­cise regularly
  • Prac­tice stress reduc­tion tech­niques (tak­ing a walk, yoga, con­nect­ing with others)
  • Uti­lize an employ­er finan­cial well­ness pro­gram, if available
  • Talk to a finan­cial advi­sor to devel­op a plan of action

With­out the right relief strate­gies in place, a vicious cycle of finan­cial and phys­i­cal stres­sors affect­ing one anoth­er can form.  Cre­at­ing a plan to prop­er­ly address your over­all well-being can help you under­stand how this cycle works and how finan­cial stress and phys­i­cal unfit­ness are interconnected.