A Sound Financial Health Pillar Contributes to Wellness
One way people look to avoid illness is by making sure they have a strong finances. There are many different opinions on how this strategy may or may not work, but the idea that being wealthy will stop someone from getting sick was first seen in ancient Greece.
Many believe that because of the power of the placebo effect, wealth can cause an increase in happiness which will protect someone from getting sick. The quality of life also tends to increase because of the positive environment associated with being wealthy. The point of the this pillar is to be able to afford a healthy lifestyle that supports our well being in a manner that is sustainable.
Finances as a measurable social determinant of wellness
- E. B. Weida, Pam Phojanakong, +1 author Mariana Chilton
- Published 18 May 2020
- Medicine, Political Science
- PLoS ONE
Objectives Fiscal health, understood as one’s ability to manage expenses, prepare for and recover from financial shocks, have minimal debt, and ability to build wealth, underlies all facets of daily living such as securing food and paying for housing, yet there is inconsistency in measurement and definition of this critical concept.
Most social determinants research and interventions focus on siloed solutions (housing, food, utilities) rather than on a root solution such as financial health. In light of the paucity of public research on finances, particularly among low-income populations, this study seeks to: 1) introduce the construct of financial health into the domain of public health as a useful root term that underlies other individual measures of economic hardship and 2) demonstrate through outcomes on financial, physical and mental wellness among low-income caregivers of young children that the construct of financial health belongs in the canon of social determinants of health.
Materials and methods In order to extract features of financial health relevant to overall well-being, principal components analysis were used to assess survey data on banking and personal finances among caregivers of young children who participate in public assistance. Then, a series of logistic regressions were utilized to examine the relationship between components of financial health, depression and self-rated health. Results Components aligned with other measures of financial health in the literature, and there were strong associations between health outcomes. Practice implications Financial health can be conceived of and measured as a key social determinant of wellness.
Fiscal stability is important to overall wellness. Fiscal wellness can prevent stress and illness. A recent study conducted by the National Institutes of Health (NIH) found that living paycheck-to-paycheck increases the risk of developing depression by 12%. They also found that those who do not have any savings are at a higher risk for developing heart disease by 27%. Having monetary stability is important for your physical well-being, as it can lead to less stress and illness.
Financial pillar is important to overall wellness as sound finances can prevent stress and illness. The ability to manage your finances well will allow you to maintain a healthy lifestyle, ensuring long-term fiscal stability. Living within your means and planning for the future appropriately can be beneficial to wellness.
@article{Weida2020FinancialHA, title={Finance health as a measurable social determinant of health}, author={Emily Brown Weida and Pam Phojanakong and Falguni Patel and Mariana Chilton}, journal={PLoS ONE}, year={2020}, volume={15} }
Financial Pillar is Designed to Bring Finances into the Equation
I would like to point out that our intention is not to make money equivalent to health and happiness but only as a consideration. There are millions of healthy people worldwide that do not prioritize money or finances per se. The objective of the financial pillar is to bring awareness of fiscal responsibility as a vehicle to meet your particular goals.
