Being financially literate can take a great weight off a person
and prevent health issues.
By Alison Crane
“As your body grows bigger, Your mind must flower, It’s great to learn, ‘Cause knowledge is power!”
These opening lyrics from the old School House Rocks series have always stuck with me. I grew up with the concept that knowing how things worked would help me. When it comes to making financial decisions, the more I know and the better equipped I become, the more secure I become. Financial literacy can help protect me from becoming a victim of fraud and protect my future. But have you stopped to think about how financial literacy impacts your health?
For example, I tend to process my worries or stress by internalizing my problems and dealing or not dealing with them by myself. If the problem is something that I do not know much about, I might put dealing with that issue off until I am forced to decide. Procrastination can work for a while, but in the long run it can actually cause physical damage to our bodies in the form of ulcers, migraines, and more. A big part of stress is the unknown which can make a person feel powerless.
Surveys have shown that financial stress is one of the top sources of stress in most people’s lives. Being financially literate can take a great weight off a person and prevent health issues. In an article for www.CUInsight.com, Dr. Kyle Y. Swisher III shared three ways financial literacy impacts health.
The first way financial stress directly impacts health is by causing physical problems such as high blood pressure, heart palpitations, stomach and bowel issues, etc. These problems can often be prevented by being able to afford health care and pay bills thus eliminating the stress.
Financial education places an emphasis on planning for the future. By contributing to a savings account or retirement fund, people prepare for emergencies or major life events. According to a Washington University study, saving for the future resulted in a healthier future. “People who value their future selves enough to regularly put money aside in a nest egg are more likely to make healthier choices in the present.”
Financially literate people also have a better understanding of the principles of insurance. This knowledge can help determine the value of a policy and whether the coverage is adequate. Having the right coverage can make it possible to get needed treatments for health crises.
The Cooperative Extension Service is dedicated to being a reliable source of education in the areas of health and finance. Visit our website for Small Steps to Health & Wealth | Arkansas Health and Personal Income resources (uaex.edu).
If you or your group would like more information or resources to improve your financial literacy, contact us at 501-623-6841 or email acrane@uada.edu. Remember, “Knowledge is Power!”
Alison Crane is a Family and Consumer Sciences Agent with the Garland County Extension Service. The University of Arkansas System Division of Agriculture offers all its Extension and Research programs to all eligible persons without regard to race, color, sex, gender identity, sexual orientation, national origin, religion, age, disability, marital or veteran status, genetic information, or any other legally protected status, and is an Affirmative Action/Equal Opportunity Employer.
