How Planning for Your Financial Success is Good for Your Health

If you’re like many Canadians – four out of ten of them, to be exact – you feel stressed when you think about money.  And while some stress is not necessarily problematic, chronic stress can lead to:

  • Heart disease
  • Stroke
  • High blood pressure
  • Immune functioning problems
  • Unhealthy habits including smoking and excessive consumption of alcohol

Stressing about money, then, can be harmful to your physical health (not to mention the potential negative impacts to your mental health, relationships, productivity at work, and a whole host of other things in your life).  It’s a problem worth solving…and the sooner, the better.

The solution, in many cases, is working with a financial advisor who can help you plan for your financial success.  Your advisor should, at minimum, talk with you about what matters to you, what your short- and long-term life goals are, and what you can realistically achieve (and in what timeframe).  And it pays off, in more ways than one.  In a recent survey, people who said they are financially prepared were:

  • Almost 24% more likely to exercise one or more hours each week
  • Almost 25% are more likely to say they are “very healthy”

So what can you do to be better financially prepared?  Here are a few tips to help strengthen both your financial and physical health:

  1. Work with a financial advisor (a HUMAN advisor – not a robot) who can help get you from where you are to where you want to be. Don’t underestimate this step.  If you decide against working with an expert, it’s akin to providing yourself life-altering legal or medical advice that could also wreak havoc on the lives of the people you love most.  By contrast, if you work with a  financial advisor, he or she will genuinely care to help you achieve your goals, and will have the experience and expertise to help you do it.
  2. Manage your debt. For most Canadians, debt causes stress – and the higher the debt, the greater the chance of depression and high blood pressure.  Again, a qualified financial advisor can help you develop a plan for getting your debt – and the resulting stress – under control.
  3. Save for your future. If you’re among the 60% of Canadians who worry they won’t have enough money saved for their golden years, don’t despair.  You-know-who can also help you develop a plan for saving that will help ensure a retirement you can look forward to.[1]

If you’re not sure where to turn in finding a financial advisor who will work in your best interests now and in years to come, ask your friends, family and co-workers if they can recommend someone.  You can also, and probably should, look online for unbiased, uncensored reviews like on Google.  The same as in every other industry, some advisors have more experience and better reputations than others, so it’s important you do your research.  It’s worth it to invest the time, now and later, in helping to ensure your future financial success.

Taylor Szeto, B.Comm.

Insurance Representative, Wiegers Financial and Insurance Planning Services Ltd.

Account Representative, Manulife Securities Investment Services Inc.

 

 

 

This publication contains opinions of the writer and may not reflect opinions of Manulife Securities Investment Services Inc. The information contained herein was obtained from sources believed to be reliable, but no representation, or warranty, express or implied, is made by the writer or Manulife Securities Investment Services Inc. or any other person as to its accuracy, completeness or correctness. This publication is not an offer to sell or a solicitation of an offer to buy any of the securities. The securities discussed in this publication may not be eligible for sale in some jurisdictions. If you are not a Canadian resident, this report should not have been delivered to you. This publication is not meant to provide legal or account advice. As each situation is different you should consult your own professional Advisors for advice based on your specific circumstances.

[1] Manulife, “Healthy Finances, Healthy Life”, https://www.manulife.ca/business/plan-and-learn/healthy-wealthy-workplace/healthy-finances-lead-to-a-healthier-life.html