A new study by HSBC Life has found an intrinsic link between financial planning and improved mental and physical health.
The study, which surveyed over 3,000 UK adults, found that nearly three quarters (72%) of people who review their financial plan at least once a year benefit from average or above average mental health. Meanwhile, half (50%) of those who don’t have a plan said 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. In contrast, 48% of those without a plan felt they have below average mental health and 43% feel physically unfit.
Those with healthcare protection were also found to have better mental health (75%) than those who don’t have protection.
HSBC Life also found that nearly three quarters (74%) of people who seek financial advice were more likely to have average or above average mental health.
Mark Hussein, CEO of 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.”
