Did you know that being in poor health has the potential to cost you big in the future?
An unhealthy person typically earns a smaller income, sets asides fewer savings, and will generally mount up less wealth in the next few years compared to a healthy individual. Studies have shown that having bad health can help to explain up to forty per cent of variations in lifetime utilities.
Over the years, several studies have established that:
- Healthy individuals are likely to amass more wealth and earn more with the passage of time. Generally speaking, they are likely to earn about 28 per cent more than those who are not healthy.
- Before you start looking for tips on saving money on healthcare, you should understand that an average sixty-five-year-old individual in possession of a high school degree will likely have £230,000 in wealth. This is in comparison to another individual of the same age, and the same high-school certification, but in poor health, who is more likely to have about £120,000 in wealth.
- An unhealthy person will usually work fewer hours compared to a healthy person. Labour participation among healthy people stands at 90 per cent while that for the unhealthy is at 70 per cent.
Living an unhealthy life means that you will be impacted in four main ways:
- Your productivity will decrease
- As time goes by, your medical spending will start to rise
- Lowers survival probability
- You will become less useful in your working environment
According to personal finance experts, the first casualty of having poor health will be your retirement savings. This is more so when you happen to lack enough income or are unemployed. It’s something that can be detrimental to the long-term state of your financial health.
Keep in mind that this is something that will occur even as healthcare-related expenses continue to increase after retirement. It’s not uncommon to find healthcare expenses beginning to rise due to age-related conditions.
One of the leading reasons why many people file for bankruptcy is due to rising medical bills. Close to 15 per cent of UK residents do not have any savings. For those who do save some money, only around 25 per cent are able to save more than 10 per cent of what they earn a month.
It’s also important to note that the obesity epidemic currently devastating many nations is mainly affecting the poor. A financially unstable person does not have the means to eat a well-balanced meal, which can lead to poor nutrition.
Effects of Poor Nutrition
Poor nutrition is capable of impairing a person’s wellbeing as well as their day-to-day health. It also reduces their ability to lead a life that is active and enjoyable.
In the short term, it’s capable of contributing to tiredness, stress, and impacting your ability to work. In the long run, it can lead to the development of conditions such as:
- Eating disorders
- Tooth decay
- High blood pressure
- Some cancers
- High cholesterol
- Stroke and heart disease
- Type-2 diabetes
The key to leading a healthy life includes changing your outlook to life, as well as making sure that you are following a well-balanced diet. Drink clean tap water as often as you can as opposed to sugary drinks. It’s also important to plan your means in advance and to always consult a physician when in doubt about your health.
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