The phrase “Money can’t buy you happiness” is a common idiom that is the subject of many philosophical and casual debates. Some believe that money is the key to living a fulfilling and happy life – whilst others believe money is nothing without elements such as love and purpose. There is often a very strong and real connection between money and wellbeing which determines people’s quality of life, mental health and physical health. People owe it to themselves to understand how money and wellbeing are linked so they have a better chance of managing it more effectively.
Money has a direct impact on your physical health
It can be argued that money has a direct impact on physical health and wellbeing, as was reported by The Health Foundation. Those with the lowest income are more likely to suffer from poor health and this can often be a downward spiral. For example, those in poor health find it harder to keep stable employment which earns them less money, which has more impacts on their health and vice versa. Factors such as poorer nutrition, access to healthcare and unhealthy living environments are common in contributing to poor health, all of which can be partly attributed to a lack of sufficient income or financial support. Those in the higher income distribution are more easily able to maintain healthier diets, choose their careers and working patterns and have easier access to private or public healthcare.
It can also impact your mental health
Money doesn’t only impact your physical health, it can influence your mental wellbeing too. Money stresses and problems can increase the risk of issues such as anxiety, panic attacks and disrupted sleep. This is especially true if you can’t afford basics such as safe and secure housing, food, water and heating. Debt can be life-crippling and continuing to let it build may only worsen your mental state in the long term. Those with more financial freedom often have more options and opportunities in life which is a significant factor in positive mental health and wellbeing.
Financial planning is key to your future wellbeing
It can’t be stressed enough how important financial planning is for your wellbeing and life prospects. The earlier you can eliminate debt, start to build savings and manage your money more effectively – the sooner you will be able to plan ahead for life’s big purchases and live a more comfortable life in general. Money certainly has an impact on your quality of life and this is a big factor in your general wellbeing. So why not start developing some good money habits today?
