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June 21, 2021

Does physical health translate into long-term financial health?

Workers are significantly more likely to rate themselves as physically healthy (53%) than financially healthy (31%), according to The Principal Financial Well-Being Index, which surveys employees at growing businesses with 10 to 1,000 workers. 

But that’s not to say they wouldn’t like to see it otherwise – 84% of workers view physical health as an investment in their financial future. Living healthy means living longer though, which comes with its own financial demands.

Which is why their employers should help where they can, suggests The Conference Board of Canada. Its latest report, Making the Business Case for Investments in Workplace Health and Wellness, provides organizations of all sizes with advice and tools to measure the return from health and wellness programs.

Investments in fitness, smoking cessation or weight loss programs can lead to higher productivity, as well as reduce benefit costs, absenteeism, and presenteeism (circumstances in which an employee is physically at work but not fully productive), the report suggests.

Most employees still don’t look after their money with the same rigour as they do when evaluating their physical health. But the two are closely connected. Those struggling with financial difficulties often ignore the consequences and effects on their health because they think there is little to be done.

While some workers have given themselves a financial check-up, including monitoring spending levels (48%); creating a budget (28%); reassessing their investments (26%); and reviewing their insurance policies (18%), more than half confess to be financially unfit.

Would you say the same? Are there any workplace programs available to help you get phsyically and financially fit?

By Gordon Powers, MSN Money



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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

Jason BucklandJason Buckland

The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...