Gym fees or asset management fees? When it comes to where to invest, more workers are putting their money on their health, according to a report by The Principal. The Financial Well-Being Index found 57% of American workers view themselves as physically fit, compared with just 28% who feel they are financially fit.
Although 84% of respondents agree that physical health is an investment in their financial future, 71% said it was specifically a way to avoid major health costs later.
However, nearly half said they were stressed about their financial situation. Studies have shown that stress can take a serious toll on physical health, leading to anxiety, headaches and even heart disease.
In a survey of more than 1,100 workers, 51% of Gen Y workers said they were stressed about their financial situation; the same percentage of investors who don’t’ work with an advisor agreed. By comparison, just 35% of boomers and 33% of those with an advisor’s guidance said they feel stressed.
“American workers recognize the long-term financial benefits of staying healthy, but financial stress is often a constant pressure that can have a significant impact on their physical health,” Luke Vandermillen, vice president at The Principal, said in a statement.