Ever feel stressed or out of control when your finances are out of order? You’re not alone. Studies show that 34 per cent of people say their financial situation negatively affects their mental health1.
In a global survey2 over 80 per cent of respondents say the rest of their life is much more manageable when their finances are in order, while 70 per cent say good financial wellbeing positively impacts their physical health.
And there’s more. In one study, cardiologists found that blood pressure and glucose levels among the overall population increase during recessions3; in another, people reported that the fitter their financial affairs, the more likely their health was good4.
This proven connection between financial, physical and mental health can be compared to tent poles in your life. If one pole falls over, it puts a strain on the others. And if the other tent poles aren’t sturdy enough, there’s a risk the whole tent will collapse. Put simply, if one or two key areas in your life aren’t sturdy, the others may well suffer.
So how do we make sure our financial health is strong enough to support our physical and mental health?
Just like a dietitian advises on eating well, a personal trainer helps on getting fit and a counsellor on resolving problems, a qualified financial planner can help with financial fitness and wealth planning. Think of them as your money coach.
Financial planners like AIA Financial Wellbeing’s Matthew McGilvray have set the wheels in motion for others, making sure their money is working hard for them, in turn reducing stress in their lives.
He’s noticed an increase in the number of people in their 20s, 30s and 40s seeking a helping hand from financial planners. And he’s adamant that other areas of a person’s life – particularly mental and physical health – tend to improve after seeking out a financial expert.
“Everyone who comes to see me ultimately wants the trifecta, so they can have the best life possible,” he says.
“It’s why I spend time understanding each person’s goals in life, so I can help them join those dots between physical, mental and financial health.”