The Health and Wealth Connection – (Financial Stress)
In 2014, Manulife conducted a study to check out how Canadians experience their personal finances and how that afflicted their physical and mental health.
Updated new results in 2015 to get a deeper knowledge of the difficulties financially unprepared employees deal with every day and shed considerably more light on the role poor finances take up on their general mental and physical health.
Here’s what we discovered:
Finances are major way to obtain stress.
Of those workers who reported being financially unprepared, 62% blame financial concerns as their greatest way to obtain stress. Another 31% exposed their degree of debt triggers them stress.
This stress may take a toll mentally and physically.
Financially unprepared people don’t have a positive relationship with their budget. The stress of being financially unprepared can result in deep emotional concerns: 32% worry about supporting loved ones if anything occurred and they use almost 1/3 additional time at work fretting about finances, personal debt and retirement compared to the financially prepared.
Related: How Does Stress Affect Health?
People who are financially prepared usually tend to be healthier.
Concern over finances could affect a person’s capability to maintain a wholesome lifestyle. The financially well prepared are:
Almost 25% much more likely to identify themselves to be very healthy in comparison to those unprepared.
2.5X more likely to truly have a strategies to manage and keep maintaining their health.
Financial advisors increase the chances of being financially organized.
Economic advisors influence behaviours and help their customers not only develop economical goals and plans, but to adhere to them.
The financially organized are:
Almost 4 times more likely to be dealing with a financial advisor compared to the unprepared