Money and health - a strong link

You probably know that money has an impact on your health. Money worries and stresses impact your mental health. People with higher incomes have better health - in the UK 44% of people on the lowest incomes rate their health as fair, bad or very bad (‘less than good’). In the middle this figure is 25% and for people on the highest incomes the figure is 12%. The reasons for this are complex, ranging from access to healthcare, good housing and good food, to the impact of stress on physical health.

But a 2022 study published in the Journal of Family and Economic Issues found that your income wasn't the only thing about money that impacts health. They found that being more able to manage your money had a positive impact on health. And they found that that effect existed regardless of your income, or your ethnicity, gender, education or employment.

In other words, the skills you have in managing money the healthier you are. So if you needed another reason to equip your children with those money skills, there it is.

Reference links for further information

1. https://www.health.org.uk/evidence-hub/money-and-resources/income/relationship-between-income-and-health

2. https://pmc.ncbi.nlm.nih.gov/articles/PMC9628498/