A new study by HSBC Life – HSBC’s insurance business – confirms the intrinsic link between financial planning and improved mental and physical health.
The +Factor study surveyed over 3,000 UK adults, to gauge their health and wellbeing in a bid to better understand the interconnection between people’s physical health, mental wellbeing and their financial fitness.
It finds that nearly three quarters (72%) of people who review their financial plan at least once a year said they benefit from average or above average mental health; the contrast with those who don’t have a plan is striking: half (50%) of this group were found to say that they have below average mental health.
Similarly, over three quarters (77%) of people with a comprehensive retirement plan said they have average or above average mental health and almost a third (30%) feel physically fit. Looking to those without a plan, the study found almost half (48%) felt they below average mental health and 43% feel physically unfit.
It also finds that nearly three quarters (74%) of people who seek professional financial advice were more likely to have average or above average mental health. The trend continues, as among those who don’t seek expert advice, 42% said they have below average mental health.
Mark Hussein, CEO, HSBC Life UK said: “Our study confirms that financial fitness is intrinsically linked with health and wellbeing. Making small changes to your financial planning today can not only have a big impact on your current wellbeing, but also improve your overall health, especially both physically and more importantly mentally in the future.”
The benefits of protection
A boost to increased mental health and physical fitness was seen amongst respondents with adequate protection for healthcare costs. Three quarters (75%) of people with adequate protection said they had average or above average mental health, while half (51%) of those who don’t have protection said they have below average mental health.
Moreover, nearly a third (30%) with healthcare protection said they feel physically fit, compared with 47% of those who don’t have a plan saying they feel physically unfit.