COVID has increased our national stress level. Fortunately, in recent years there was a huge shift in society’s attitude towards health and wellbeing and we’re now generally more aware of the importance of good mental health.
From meditation apps to supportive techniques and advice on ‘self-care’, there are many different ways we can keep on top of our mental fitness – almost in the same way as we can our physical fitness.
But there is another aspect of mental health that isn’t as widely discussed, and that’s the link between wealth and happiness.
Money is of course top of the list when it comes to issues most people worry about.. Whether it’s regarding short-term finances or our long-term future, financial insecurity can cause serious anxiety. But even though it often seems tempting to ignore money worries, recent research suggests that tackling the issues head-on can actually make people feel better than not doing it at all. And by this they mean something as simple as opening an investment account. Blackrock’s Global Investor Pulse, which each year asks what people think and feel about their financial health, they report that once people start investing, 43% feel happier about their financial future, 36% of people have a higher feeling of wellbeing and 19% feel less stressed.
The results say this is true regardless of wealth, age, gender or life stage. Even more encouraging is that new investors say the improvement in their mood is immediate. While the study doesn’t address it, I’m confident these affects are magnified when you have a plan in place implemented by a fiduciary adviser. Investment and financial plans are critical to success as without a game plan emotional mistakes become more likely. Anticipating and having a plan for the inevitable downs inherent in investing is critical. If you think it would be helpful for me to talk to anyone in need of a financial second option, then please pass on my details - I’d be happy to give them a call. After all, the results also say that 76% of investors who use a financial adviser report having a positive sense of wellbeing, and who am I to argue with that?!
Sources: Blackrock's Global Investor Pulse, AdvisorStream