A new study1 by HSBC Life – HSBC’s insurance business – confirms the intrinsic link between financial planning and improved mental and physical health.
The +Factor study surveyed over 3,000 UK adults, to gauge their health and wellbeing in a bid to better understand the interconnection between people’s physical health, mental wellbeing and their financial fitness.
It finds that nearly three quarters (72%) of people who review their financial plan at least once a year said they benefit from average or above average mental health; the contrast with those who don’t have a plan is striking: half (50%) of this group were found to say that they have below average mental health.
Similarly, over three quarters (77%) of people with a comprehensive retirement plan said they have average or above average mental health and almost a third (30%) feel physically fit. Looking to those without a plan, the study found almost half (48%) felt they below average mental health and 43% feel physically unfit.
It also finds that nearly three quarters (74%) of people who seek professional financial advice were more likely to have average or above average mental health. The trend continues, as among those who don’t seek expert advice, 42% said they have below average mental health.
Mark Hussein, CEO, HSBC Life UK said: “Our study confirms that financial fitness is intrinsically linked with health and wellbeing. Making small changes to your financial planning today can not only have a big impact on your current wellbeing, but also improve your overall health, especially both physically and more importantly mentally in the future.”
The benefits of protection
A boost to increased mental health and physical fitness was seen amongst respondents with adequate protection for healthcare costs. Three quarters (75%) of people with adequate protection said they had average or above average mental health, while half (51%) of those who don’t have protection said they have below average mental health.
Moreover, nearly a third (30%) with healthcare protection said they feel physically fit, compared with 47% of those who don’t have a plan saying they feel physically unfit.
The full +Factor study is available to download here
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Media enquiries to:
HSBC Life
Mat Barling + 44(0) 738 479 4295 mathew.barling@hsbc.com
Citigate
Kevan Reilly +44(0) 7977 550913 kevan.reilly@citigatedewerogerson.com
1 Research conducted by Engine Group between March and April 2021 using an online methodology among a total of 10,659 people aged 18 to 80 across four global markets: Hong Kong (n=2,016), mainland China (n=3,560), Singapore (n=2,059) and the UK (n=3,024).
About HSBC Life (UK) Limited
HSBC Life (UK) Limited is a subsidiary of HSBC Bank plc and was founded in the UK in 1988. HSBC Life (UK) Limited offers a range of insurance services to meet protection and wealth management needs and help clients to manage, protect and grow their wealth. Our services and solution are available through HSBC banking channels and selected third-parties, including financial advisers and aggregators. For more information on HSBC Life (UK) Limited range of services go to https://www.life.hsbc.co.uk/ and for more information on HSBC please go to https://www.hsbc.com
About HSBC Life
HSBC Life is the insurance business of the HSBC Group. We manufacture life and health insurance products in Hong Kong, mainland China, Singapore, India*, France, UK, Malta, Mexico and Argentina. HSBC Life offers a range of insurance products to meet the protection, education, retirement, wealth growth and legacy planning needs of our customers. Our services and products are available through HSBC banking channels, selected third-parties, including financial advisers and aggregators.
*Through our joint venture, Canara HSBC OBC Life Insurance
The HSBC Group
HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in our geographical regions: Europe, Asia, North America, Latin America, the Middle East and North Africa. With assets of US$2,969 billion at 30 September 2021, HSBC is one of the world’s largest banking and financial services organisations.
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