By Gabe Sanders Ph.D., NSCA-CSCS
Can financial literacy and wealth management actually improve your health? The answer is quite simple for many, yes it can! One of the most stressful aspects of being an adult is managing your money, creating and living within a budget, and trying to save money for long-term financial independence.
For some people, especially younger folks, the concept of long-term financial independence seems unattainable, given the rapid increase in inflation, housing markets, and day-to-day expenses. Many people ask themselves, “How is long-term financial independence possible when I can hardly afford my monthly bills?”
Proper money management improves your health
While the purpose of this article is not to coach strategies for long-term financial independence, but to highlight the importance, from a health perspective, of the value of managing your money on a daily, weekly, and monthly basis. Proper money management can directly improve your health by reducing anxiety and improving sleep. It can push you to purchase healthy food and eat less unhealthy food that is highly processed. But more importantly, the mental relief of proper financial management should also be a good thing to note for everyone.
Financial literacy is correlated to engaging in healthy behaviors
Plenty of research suggests that financial literacy and money management are positively correlated to more frequent engagement in health-promoting behaviors. This means the better your money management is on a daily basis, weekly and monthly basis, and then you are more likely to be healthier and engage in healthy activities. This concept holds true across the age spectrum as research has found older adults are healthier if they possess higher financial literacy.
While there are many other direct and indirect factors associated with long-term health and wealth, it is advisable for everyone to strive for optimal levels of both!
Article’s Sources
Bennett, Jarred S., et al. “Correlates of health and financial literacy in older adults without dementia.” BMC geriatrics 12.1 (2012): 1-9.
Zheng, Qilong, Zhen Peng, and Shun Ding. “Financial literacy, health engagement, and residents’ health: Evidence from China.” International Journal of Environmental Research and Public Health 18.8 (2021): 4202.
Ono, Shunsuke, et al. “Financial literacy and exercise behavior: Evidence from Japan.” Sustainability 13.8 (2021): 4189.
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