Most agree that money can buy the necessities and a little more money can add a few extra comforts to our day-to-day lives. In fact, it is often debated whether a greater fortune brings longer life, but few medical studies have taken a serious look at this question.
Researchers in England offer some insight following a study involving more than 10,000 participants aged 50 years or older. Divided into three groups, the middle and least wealthy group reported increasing mortality ratios, concluding that wealth appears to correlate with living longer.
The other side of this proverbial coin is that substantial loss of wealth over relatively short time frames can adversely impact mortality. An American study following 8,714 subjects over 18 years reported a 50% all-cause mortality increase with a loss of wealth of 75% or more over a two-year period. What isn’t clear from the study is whether the causes of death relate to increased stress and suicide, fewer monetary resources to cover medical expenses, or other possible causes.
The Role of Financial Planning
In summary, both studies make it obvious that there is a link between having adequate monetary resources to protect and promote good health. From this perspective, expert financial planning sounds like a healthy approach to meeting these goals.
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