A survey conducted on 12,000 people in 4 countries: England, China, Hong Kong and Singapore showed that: Financial health and mental health are closely related to each other.
87% of respondents in Singapore say they are both physically and mentally healthy, and 55% of them say they are doing well financially. On the opposite side, in the group of respondents who said they had insufficient health, only 37% of respondents said they had enough mental health and 23% said they had enough financial health.
There have been many different studies on this issue and proven the above theory is correct.
A study by The Atlantic showed that Minneapolis and Washington DC are the two healthiest cities in the US. According to research results, people with higher average incomes in the above two cities will have better physical health.
People with higher incomes will have the opportunity to access better health services, choose organic foods, have better health benefits, and better supplements, on the contrary, people with higher incomes will have better health care options. lower, this is not their top priority.
Research also shows that the two cities of Minneapolis and Washington DC have higher quality human resources than other cities. Human resources here will be evaluated according to criteria of skills, education level, and other factors that contribute to the workforce and the economy in general. People with higher education will have the opportunity to have better jobs and higher salaries. This will help you have better financial health and better mental health.
Income and quality of life are directly proportional to each other
The Urban Institute and the University of Virginia conducted a survey on financial wellness. Research has shown that being financially healthy puts you at a lower risk of disease. Thereby helping to increase longevity.
According to the results of the study, the group with the lowest income will be three times more likely to suffer from cardiovascular, kidney, and liver diseases than the group with the highest income. Among them, people in the poor group (with an average annual income of less than 35,000 USD) will feel 4 times more worried and sad than families with an annual income of over 100,000 USD.
In the same study group, the group with the highest income had an average life expectancy 6 years longer than the group with the lowest income. This indicates that financial stability can help you prolong your life.
In an article published at News Medical, in the US, families with negative income or no income will have fewer resources if unemployment, sudden illness or unexpected situations occur. arise and require a large amount of expense. This will affect the person’s financial stability and health.
Similarly, poor health can affect work efficiency. People with poor health may have to leave school/work early without financial support. This increases stress and can affect mental health.
Having wealth does not mean having health
Health is an important asset, but it does not mean having wealth. Having assets means you are healthy. In a survey in Singapore, up to 93% of respondents said that it is impossible to enjoy wealth without health.
91% of respondents feel that if their mental health is not good, they cannot enjoy material wealth. Respondents in Singapore all said that the prerequisite to be called rich is to have financial and mental health.
The key to happiness
Most respondents said physical, mental and financial health are equally important. Balancing all three types of health is the key to happiness. However, the question is: How to balance all three areas of life?
For physical health, experts say you should eat healthy and exercise regularly to help your body become healthier. This will help you ensure your physical health.
For mental health, you need to proactively set goals and track your spending to control financial stressors.
Financial health will be determined by several financial indicators such as savings, net worth and debts. One of the most effective strategies for improving financial health is budgeting. You can divide your money according to the 50 – 30 – 20 rule, that is, spend 50% of the money you have on the basic needs of daily life, 30% on wishes and 20% on savings. the health savings.
In case you are physically weak or not in good health, you need to proactively set up emergency funds, buy insurance… to prevent bad situations from happening.
In addition, you can also improve your financial health by investing and accumulating now. Finhay is a cumulative investment application chosen by many people. Coming to Finhay, you can accumulate or invest financially with capital from only 50,000 VND. Products at Finhay are very diverse, suitable for the risk appetite of many different investors.
Recently, Finhay officially acquired Vina Securities Joint Stock Company (VNSC). This event has partly affirmed Finhay’s pioneering and leading position among Fintech businesses in the field of personal investment in Vietnam.
Being financially proactive is never redundant. After being proactive, you can work towards financial freedom , always having reserves available for any situation in life. Be proactive in improving your financial health, exercising physically, and keeping a happy spirit, that is the key to a happy life.
