Scientists from the University of Colorado Boulder found that planning for a long-term financial future is associated with longer life expectancy. The research was published in the journal PLOS One.
For the research, scientists used data obtained from a total of 22 thousand people from the USA and England. The average follow-up period for people in the US was 22 years, and for people in the UK it was 10 years.
The results showed that in the US, those with a long-term financial plan had a 20% higher chance of survival than those who only made a short-term plan. In the UK the difference was 50%.
Long-term financial planning was crucial to the health of poor people. Scientists attribute this to the fact that people with good incomes are more likely to have savings, which allows them to protect themselves from financial shocks.
Stress caused by financial uncertainty may be the main culprit for poor health among short-term planners.
Scientists stated that their study was observational in nature and did not prove a cause-effect relationship. The results may be explained by the fact that people who actively plan their finances also have healthier lifestyles and pay more attention to disease prevention.
The study’s authors recommended that people trying to reduce their financial stress start by recording a few months’ worth of their purchases and expenses, from large bills to daily trips to the coffee shop. This will help you understand how much money is wasted on unnecessary things. Long-term plans should include the cost of medical services and the purchase of medications.
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Source: Gazeta
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