A study by HSBC Life – HSBC’s insurance business – highlights how being financially fit benefits society by boosting support for charity and ESG investing.
The +Factor study surveyed over 3,000 UK adults, to gauge their health and wellbeing in a bid to better understand the relationship between people’s physical health, mental wellbeing and their financial fitness as well as the wider societal impact of these three health dimensions.
The study finds that financial fitness has a major impact on charitable giving – 92% of those who are financially very fit make donations sometimes or often, 89% of those with above average mental health and 88% of those who feel physically fit also back charities regularly.
More than half (56%) of those people who are financially very fit opt for sustainable or ESG investments sometimes or very often, 61% of those who feel physically very fit and 56% of those with above average mental health following suit.
The +Factor study also finds that around 61% of those people who are financially ‘very fit’ volunteer in community events, whilst 60% of those who are financially unfit never volunteer. Mental and physical health also appear to have an impact on volunteering activity, with 60% of those having above average mental health and 59% of those who are physically fit regularly volunteering.
Mark Hussein, CEO, HSBC Life UK said: “Our study confirms that being financially, physically and mentally healthy does not just benefit individuals but also society as a whole. Those people who are financially fit are more likely to invest sustainably, which supports the increasing focus on ESG throughout the fund management industry.”