June is a great month for men. The weather is typically good enough to fire up the barbecue, and Father’s Day is on 21 June. Plus, Men’s Health Week (15–21 June) is an ideal opportunity to pay closer attention to your health and wellbeing.

Looking after your health could support your financial wellbeing, and vice versa

No doubt you realise, on some level, that caring for your health can have a positive knock-on effect on your finances. And yet, in these often hectic times, many of us spend more time working and less time caring for our health and wellbeing, regardless of gender.

Research has shown that poor physical health can put a strain on finances. Suffering a chronic illness, for example, could lead to both high medical costs and reduced earnings if you have to take time away from work for treatment or recovery. [1]
 
Meanwhile, if you fail to look after your financial wellbeing, this could lead to stress, resulting in both physical and mental health problems.

According to NHS data, more than 1 in 8 men in England live with a mental health disorder, and money worries often play a role in the underlying causes. [2]
 
Meanwhile, figures from a Fidelity survey revealed that although 63% of UK men feel confident managing their day-to-day finances, only 35% feel confident about saving for the future. [3]
 
To enjoy true financial wellness, you need to nail stability, security, and peace of mind. So, here are three simple ways men – and their families – can look after their health and protect their financial wellbeing.

1. Book in for a health (and wealth) check-up
 
As well as making a GP appointment for an all-round health check, set aside a few minutes for a midlife financial MOT.

The government’s Money and Pensions Service provides a handy online tool specifically for people between 45 and 65, and helps you:

• Understand steps you could take to improve your finances
• Plan for the future and make sure you stay on track to achieve your goals.

Though the results of this generic MOT may be useful, it won’t provide personalised advice. 
For further insight and ongoing support, please get in touch. We’ll help you craft a bespoke financial plan that supports both your current lifestyle and long-term aspirations.
 
2. Make an easy-to-stick-to plan

Whether you’re looking to improve your financial or physical fitness, small wins can build into bigger gains and increase your motivation.

To improve your fitness level, you may set a goal to lose weight or build more activity into your schedule.
 
From a financial point of view, start by setting up or reviewing your budget. Understanding where your money goes can not only help you make confident choices, but it may also highlight areas where you could be making savings.

Should you find you have more disposable income than you truly need, set up a direct debit to send extra cash to your savings account.
 
Better still, divert a portion to a Stocks and Shares ISA, where invested funds could benefit from greater potential for tax-free growth.

3. Have a back-up plan 

Even if you’re lucky enough to enjoy peak physical health, it’s sensible to have a back-up plan.

Start by asking yourself three key questions:

• What would happen if you had an accident, fell ill, or lost your job?
• Could you and your family maintain a roof over your heads if the worst happened?
• What do you want to happen to your wealth when you die, and are your wishes known?

While income protection and critical illness cover could help replace lost income in the event of ill health or injury, adequate life insurance could cover essential living costs for your family if you died prematurely.

This may be particularly important if you’re the primary earner in your household. 

Get in touch
If you’re keen to improve your financial fitness, please get in touch. Email info.wp@titanwh.com or call us on 0800 048 0150.

Please note

The information contained in this article is based on the opinion of Titan Wealth Planning and does not constitute financial advice or a recommendation for any investment or retirement strategy.

The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. 
Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

Note that life insurance and financial protection plans typically have no cash in value at any time and cover will cease at the end of the term. If premiums stop, then cover will lapse.

Cover is subject to terms and conditions and may have exclusions. Definitions of illnesses vary from product provider and will be explained within the policy documentation.