How Your Health and Wealth Are Connected

Trent Bradshaw CFP®, AIF® & Brandon Rogers CFP®, AIF® |
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There's much to be said for taking care of your health, and you should make caring for your wealth part of your focus, too, as it directly correlates. In fact, the American Journal of Public Health confirms that Americans at lower income levels are less healthy than those in higher income brackets.

It may not be surprising that the very poor are in worse health than the very rich, but what's surprising is that the study shows that each economic class is healthier than the one below them. And children aren't immune, showing higher rates of chronic diseases like asthma, hearing loss, digestive disorders, and obesity than those in higher income brackets.

To some extent, income and wealth directly support better health because wealthier people can afford the resources that protect and improve health. In contrast to many low-income families, they tend to have more stable and flexible jobs; providing good benefits, like paid leave, health insurance, and worksite wellness programs; and have fewer occupational hazards. Wealthier people have more disposable income and can more easily afford medical care and a healthy lifestyle—benefits extending to their children.

Health and income affect each other in both directions: not only does higher income facilitate better health, but poor health and disabilities can make it harder for someone to succeed in school or to secure and retain a high-paying job. Coming out of a pandemic where COVID-19 didn't target certain wealth classes, we can understand why the struggle to regain health and wealth is hard at any income level.

The solution isn't easy or a quick fix as it requires attention in many sectors, including health care, education, community development, business, and the overall economy. However, the idea that health and wealth are connected lends more credence to strategic planning for your financial stability right alongside improving your health.

While our office may not provide you a gym for improving your health, we do have a team of experts ready to assist with strengthening your wealth. Give us a call today at (704) 216-2260, and let's review your financial stability and the outcomes you expect from your current retirement plan.

 

Adapted from National Institutes of Health & Urban Institute

This is meant for educational purposes only and should not be considered investment advice or a recommendation to take a particular course of action. Consult with a financial professional regarding your personal situation before making any financial decisions.