Older adults who plan their finances for the long term tend to live longer than those who do not, according to research from the University of Colorado in the United States. The findings were published in PLOS One, a peer reviewed journal.
To explore whether financial literacy correlates with longer life, researchers studied a substantial group of participants from two countries. The study included 11,478 Americans and 11,298 British adults. Each participant filled out surveys that asked about health status, expectations for lifespan, and patterns in income, savings, and money management.
About 22 years after the initial survey period, investigators tracked mortality among the participants. The results showed a clear pattern: individuals who demonstrated solid money skills and engaged in planning for future financial needs tended to outlive those with lower levels of financial literacy. This association remained even after accounting for other factors that are known to influence longevity, such as overall income, age, gender, and geographic location. Moreover, those who planned ahead for expenses often reported better overall health.
The researchers emphasize that financial mismanagement can affect more than wallets by also taking a toll on health. They hope this insight encourages people to adopt prudent saving habits and more thoughtful money planning.
Earlier studies have linked rental stress to signs of premature aging, illustrating how financial pressures can have broad health consequences beyond dollars and cents.