According to the Office of National Statistics (ONS), the number of years we are expected to live in good health has fallen. As a result, it’s even more crucial than before to maximise your good health years, so you can live for the moment. It’s also vital that you have the opportunity to enjoy the preparations you’ve made over the years in terms of your financial planning. Let’s look at why maximising your health is the link to enjoying your wealth.
“…in England, healthy life expectancy at birth for a male fell from 63.4 years in 2015-17 to 62.4 years in 2020-22, and from 63.9 years for females in 2015-17 to 62.7 years in 2020-22”
Office of National Statistics report featured in IFA Magazine
Healthy living in later life has decreased
Until recently, there has been a mistaken presumption that we are all living longer and healthier lives. However, for various reasons, over recent years there has suddenly been a decline in healthy life expectancies. Known as HLE (healthy life expectancy), this measure defines the number of years someone can expect to live in good health.
Wales has the lowest healthy life expectancy and England has the highest, but good health varies depending on the postcode. In the Northeast of England, the healthy life expectancy is only 57.6 years for men compared to 64.6 years in the Southeast. For women in the Northeast, their healthy life expectancy is only 59.7 years compared to 64.7 in the Southeast. Therefore, where you are born and live seems to make a difference.
However, some argue that the Covid-19 pandemic may be responsible for these figures. Whether this is the case or there is another cause yet to be determined, it’s vital that people make the most of the healthy years they have left.
“So many people spend their health gaining wealth, and then have to spend their wealth to regain their health.”
A.J. Reb Materi
Enjoy a life well-lived
Overall, people are more aware of their health in 2024 when compared to 20 years ago. With the introduction of fitness technologies and advances in biological science, we have a greater understanding of how the human body works.
Whether you have a healthy lifestyle or not, it’s essential to make the most of your life. Not only does this give you a reason to earn money, but it’s essential for your mental wellbeing too. Everyone needs a purpose, an aim, an aspiration…
Our financial planners have trained with the Kinder Institute of Life Planning. Their approach emphasises the need to consider what’s really important to you apart from your money. The Kinder Institute asks questions such as, “What do you want to accomplish or attain so you will feel that you’ve had a life well-lived?” This is the type of question we will ask you too.
By having an overall aim or set of objectives in life, you have something to work towards. From a mental health perspective, you will feel more motivated to maintain healthy habits. A healthy mind and body will help you maximise your good health years.
“Take care of your body. It’s the only place you have to live.”
Jim Rohn
Think about your aims and aspirations
Whether they are small goals or a large ambition, write down the things that you would like to accomplish in your life. Maybe you’d like to start a hobby you’ve always put off because you’re always busy. Perhaps you want to semi retire and start a side hustle doing something you love. You might dream of moving abroad or going on a big travel adventure. Whatever it is that makes your heart sing, write it down. You now have an aim and an aspiration.
When our financial planners talk to our clients, we place great importance on their goals. Without any objectives in place, financial planning won’t be as effective. Once you have something to work towards, you can plan your future accordingly. Start planning ahead for your good health years so you can enjoy your life and your money.
“The greatest wealth is health.”
Virgil
Financial Advisers, Nottingham and Lincoln
Balance: Wealth Planning believes strongly in balancing your hard-earned money with a healthy and fulfilling lifestyle. When it comes to financial advice, our team can help you make the most of your money, so you can enjoy your good health years.
For a financial review, get in touch to speak to our financial planning team.
Sources:
https://ifamagazine.com/healthy-life-expectancy-in-england-tumbles/
