Here is a result that will not surprise you: both self-assessed health and actual wellness are badly damaged by financial strain. Covering the impact of the Great Recession, a study published in 2018 examined the short and long-term effects on both perceived and actual health outcomes confirmed that individuals dealing with financial challenges experience declines in both mental and physical health.
While this is not surprising, what this study really uncovered is just how psychologically sensitive we are to financial stress. Health outcomes have long been associated with age and wealth but perceived (self-assessed) health is different. The rise of financial strain from 2008-2013 was responsible for nearly three times the impact of aging and employment status. Here’s where it gets even more interesting: “income changes have shown no effect on changes in health.” In fact, the study demonstrated that those with higher education and higher income reported a larger decrease in self-assessed health due to financial strain.
The takeaway is clear. Quoted from the study: “We found that increased financial strain has been the major driver of worsened population health.”
Let’s solve this problem and keep employees from the effects of financial strain. Contact us at firstname.lastname@example.org to learn more.