Health and financial well-being: Two good things that go better together – Part 1

Health and financial well-being are intrinsically linked.

Think about it: financial insecurity is a major source of stress, and stress impacts our physical and mental health, including our decisions; poor health impacts our ability to work, or perform well at work, which can lead to financial insecurity – and you guessed it, more stress.

For millions of low- and moderate-income Americans struggling to make ends meet each day, the interplay between health and financial well-being is a vicious cycle; as if the two will never peaceably coexist.

According to research conducted for Transamerica, when asked “what concerns you most about your financial future,” one in five respondents said ‘an unexpected personal or family health crisis.’ It was the most popular answer. According to the Federal Reserve, four in 10 adults, if faced with an unexpected expense of $400, would not be able to cover it; and over one-fourth of adults skipped necessary medical care in 2017 due to being unable to afford the cost.

Imagine the levels of stress and financial insecurity for these individuals or families when the imagined turns into reality – it can become toxic physically, mentally and financially.

 

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