Numerous studies and surveys confirm there are indelible links between financial health and overall mental and physical well-being.
Said another way, it’s science that financial stress creates other forms of stress, possibly degrading a person’s mental and physical states in the process. It’s not a “battle of sexes”, but advisors who are making it a point to better cater to female clients and prospects should note that financial concerns can really take tolls on women.
A recent survey from the Cleveland Clinic Women’s Comprehensive Health and Research Center confirms as much and those in the wealth management community should take the time to peruse this study because it contains valuable insight about the intersection of women’s financial and overall health. That’s not hyperbole. It’s a call to action for both advisors and female clients. Just consider the following example.
“Cost concerns across every generation are influencing how women approach preventive care, routine visits and long-term health planning. In some cases, these pressures may lead women to delay or avoid care altogether,” notes the Cleveland Clinic.
Helping Women Strategize Around Healthcare Costs
Healthcare costs drag on may clients’ goals, but that situation is amplified with women. A study from Deloitte indicates that on an annual basis, women spend $15.4 billion more than men on out-of-pocket healthcare costs and that does not include pregnancy-related expenses.
That’s just one example of women engaging in a balancing act between financial and physical health. Underscoring the need for better connectivity with advisors, women often prioritize financial well-being over physical health, but that’s not always a profitable endeavor.
“Indeed, how women consider their financial health correlates with how they consider their physical health,” adds the Cleveland Clinic. “Two-thirds (66%) of women who consider their own financial health as excellent/very good also rate their physical health as excellent/good. But only 14% of women who consider their financial health as fair/poor give a high rating to their physical health.”
The point is when one form of health suffers, it’s possible, if not probable, that it will affect another, creating a doom loop of sorts.
“Financial stress and health decisions appear closely linked,” according to the study. “Women who report financial strain may be less likely to prioritize preventive or routine care and more likely to delay medical visits. In some cases, these concerns may lead women to delay or avoid care altogether.”
Remember the Power of Empowerment
It’s well-documented that women’s financial outlooks improve when they gain education, bespoke guidance and confidence. Bottom line: they want to feel empowered.
Empowerment is a perfectly logical desire and its benefits aren’t confined to money matters. There’s significant carryover value in empowering female clients because when they feel as though they have better command of their financial futures, they’re willing tackle other issues, including better maintaining their mental and physical laugh. It’s a notion not to be scoffed at.
“Furthermore, women who consider their financial health as fair/poor are less likely than those who consider it to be excellent/good to feel empowered to advocate for their own health (62% vs. 73%, respectively),” concludes the Cleveland Clinic. “Thirty-five percent admit to not taking any dietary supplements, and 17% of those who have not seen a gynecologic specialist in the last 12 months cite cost or lack of health insurance as reasons for skipping this care.”
Related: The Small-Cap ETF That Quietly Outperformed the Russell 2000
