How your financial health impacts physical well-being
Most of us probably have a good sense of what it takes to improve our physical health and of course, there are a whole manner of approaches. Whatever you may be driven by – competing, gym memberships or better food habits – the best results are seen when you are able to make informed decisions with the help of experts. This is no different for your financial health.
How is your financial fitness? Are you standing tall and proud or conversely, gasping for air with a big hill to climb? Research repeatedly indicates that financial health and physical well-being go hand-in-hand. And with that being the case, we thought we’d delve a little deeper.
What does financial well-being mean?
To achieve financial well-being, we must first understand it. And while it is a very personal state, many of us are driven by the same objectives. Great financial health is less about the bottom line than about having financial security and having the financial freedom to make choices, now and in the future.
Some of the key measures of financial well-being are as follows; from a day-to-day (or month-to-month) perspective, we want to feel in control of our finances. We also want the freedom to meet long-term financial goals such as paying off the mortgage or retiring comfortably. Another important factor that contributes to financial ‘fitness’ is being ready for any curve balls that may come about such as job loss, ill health affecting income for a time or challenges periods in business.
The health impacts
There’s no denying the correlation between financial health and physical well-being. A 2015 survey conducted by one of the largest banks in the US, revealed that 81% of respondents found other goals much easier to achieve when their finances were in order, whilst 70% stated that good financial health had a positive impact on their physical health.
Regina Taarnby, a financial planner at Invest Blue here in Gladstone, often sees first-hand the physical impact that financial peace of mind can bring. “Time and time again, I see clients come in feeling uncomfortable and completely out of control with their income and spending. After all, the second most basic human need (according to Maslow’s Hierarchy of Needs (1943)) is safety, which financial security falls under. Stress, sleepless nights, fighting with your partner – all these things stem from insecurities. On the flipside, I’ve also witnessed the physical relief that clients feel once they’re clear on their budget/finances, can define their short, medium and long-term goals and have a solid plan in place to kick butt! It’s the relaxing of the shoulders, a huge sigh of relief, the instant mood change.”
Beyond the impact on physical health, our financial health touches on every as
pect of our lives such as attitudes, behaviours and emotional stability. Our sense of worth is often linked to feeling safe and secure financially…
So, as we step into 2017 and embrace all that is ahead – it’s time to consider th
e importance of a striving for podium finish when it comes to your financial health.
Find out more
Regina Taarnby from Invest Blue Gladstone and Health and Fitness Coach Becc Pritchard will be holding a free, interactive Health and Wealth seminar on Wednesday the 15th of February to help you kick start your goals and dreams. This will be followed by Budgeting and Your Personal Balance Sheet seminars.
For more information, visit www.investblue.com.au/events/invest-in-you. To register call (07) 4970 7101, or email firstname.lastname@example.org. Places will be limited. We hope to see you there.