Improve Health Through Financial Well-being

Financial well-being can have a strong impact on physical and mental health. Financial stress is one of the social, physical, and mental drivers that impact our health, and it affects people regardless of income level. Financial health can be influenced by various factors such as what surrounds you in your family and community, how you feel, think, and act, what you know about money, the opportunities available to you, and your satisfaction level with your financial situation. Financial stress can lead to several health issues like sleeplessness, anxiety, fatigue, depression, headaches, weight gain, unhealthy coping choices, a weakened immune system, and flare-ups of chronic medical conditions.

One in five people who are stressed about money put off going to the doctor when they need care due to financial concerns, which can lead to difficulty in catching medical issues early when they are easier and less costly to treat. It is essential to continue making physical health a priority while working on improving financial well-being by eating a healthy balanced diet, exercising regularly, and practicing stress reduction techniques.

To improve financial well-being, resources are available to help with financial anxiety, and individuals can take steps, no matter how small, to make a significant impact in their finances. One can seek emotional support by talking to a family member or close friend, visiting a therapist or counsellor in person or online, or accessing mental health care through video visits to support the whole health and well-being. Employers offer financial wellness programs to help employees take control of their finances and reduce stress by building money management skills such as creating and sticking to a budget, building up credit scores, reducing debt, and financial goal setting.

Contributing to a savings account regularly, automating the process, examining spending and budgeting mindfully, reducing debt, and saving for the future are some of the steps individuals can take to improve their financial well-being. Automatic savings plans and round-up plans and apps offer a convenient way to save money. Understanding debt, credit score, interest rates, and how many creditors one owes are the first steps to paying down debt. Finally, directing even a small percentage of income to savings can make a difference over time.

Overall, creating a plan to take control of financial well-being can reduce anxiety and other symptoms of stress, leading to improved mental and physical health.