Discover the balance between health and wealth
Finding the happy medium between investing in yourself and protecting your disposable income
19 June 2023
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Ever find yourself drawn into the latest health and wellness trends? Whether it’s a fitness craze, an immune boosting shake, or an app to support your mental health, we’ve seen trends within the wellness boom in recent years. The global wellness industry is now worth a huge $4.4 trillion, according to the Global Wellness Institute.
In the UK, our research revealed that investment in health and wellbeing activities cost the average person £1,267 in 2022.
But to what extent are people prepared to prioritise spending on their health? Our research found that the majority of Brits increased investment in their own health last year, overwhelmingly preferring being in great health with little money (86%) to being wealthy but in poor health (14%). It makes sense, right – it’s difficult to enjoy your wealth if you have poor health.
Building in free habits
Looking after yourself doesn’t always have to cost the world and neither health nor financial wellbeing need to be sacrificed.
Building in free habits to better your health can be a useful way to look at it. In fact, our research shows that the health-related activities that have the greatest positive impact on wellbeing aren’t always the ones that break the bank. Two of the top three activities cited include getting more exercise (59%) and improving sleep routine (44%).
At the other end of the spectrum, the activities with the smallest positive impact included becoming a member of a gym (21%), massages/spa days (21%), using wellbeing apps (21%) and going to fitness classes (22%). All these activities normally cost something.
Investing spend on mental health
Overall, our research identified that people are prioritising spend on mental health versus physical. Young people are much more likely to invest their money on their mental health, with 22% of Gen Z and 20% of Millennials valuing therapy with a counsellor compared to 4% of Baby Boomers – the use of mindfulness apps tells a similar story.
It’s clear that a steady financial position can play an important part in a person’s mental health too – nearly half (45%) of people admitted that thinking about money stresses them out, up from 39% in 2021. Putting saving strategies in place can be a great way to put your mind at rest when it comes to money.
The final word
There is certainly a happy medium to reach when it comes to spending money on your health as well as your financial wealth.
As the wellness industry thrives, and as people continue to measure health high on the priority list, it can be tempting to turn to more expensive options – such as investing in that nutrition faze or fitness fad. But there are plenty of low cost or even free ways to look after both your physical and mental health – you can even team up with your friends or family to support each other. Ultimately the more targeted you are with your spending, all the better for your long-term savings plan.
About the research
This research was conducted by Opinium with 4,000 UK adults between 10.10.22 and 17.10.22. Research is weighted to a nationally representative criteria.
This article has been prepared with care; however, it is only intended to highlight issues and it is not intended to be comprehensive.
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