The money-health link: How finances can affect physical and emotional health

Retirement Financial Planning

The money-health link: How finances can affect physical and emotional health

Retirement Financial Planning

DOES THINKING ABOUT MONEY MAKE YOU TENSE? If you have ever wondered what would happen if you lost your job tomorrow or worried about running out of money in your old age, then you are not alone.

A recent study shows that only 34 per cent of Canadians surveyed feel financially well. That means 66 per cent of Canadians feel financially unwell or just okay’ — and research shows that there’s a strong link between how financially well we feel and our mental and physical health. Canadians who feel financially unwell are nearly five times less likely to participate in healthy physical activity and are more likely to experience financial stressors:

On the flip side, Canadians who feel financially well are significantly more likely to say their physical health is excellent or good. They eat more fruits and vegetables. They get more exercise. They get health checkups more regularly, and they tend to educate themselves on being healthier. They are also less likely to worry about finances or stress over managing their money.

This suggests that good financial habits – those that make us feel financially well — can help improve our physical and emotional health. The first step, however, is to take action to relieve money worries. Here are some ideas.

Don’t go it alone

Get perspective

Take control

Write it down

Build a financial plan 

To read more about each of these ideas in this article by Manulife, CLICK HERE. If you have questions or would like help building your financial plan be sure to contact Harry Perler or David Olejnik.