Introduction
The relationship between financial and public health has gained significant attention recently. This case study aims to explore the intricate connection between these two domains and argues that economic health is a crucial determinant of public health outcomes. Wealth and health are interrelated because they affect and are influenced by one another. Health influences wealth by affecting the ability of a person to work, earn, invest, and save. Wealth impacts health by influencing access to quality nutrition, health care, and education, promoting well-being.
In the 21st century, money indeed buys happiness. Due to high poverty rates across Indian communities, only those who can afford to seek assistance from a professional after the COVID-19 pandemic are considered “mental.” It limits those who cannot afford it from seeking assistance, resulting in high cases of undetected mental disorders such as depression and anxiety. Decreased wealth means poor individuals will have less leisure time, fewer healthy behaviors, and more stress, all linked to poorer cardiovascular health. Financial health plays a fundamental role in shaping public health outcomes due to its influence on access to healthcare, stress levels, and overall well-being.
The Relationship Between Health and Wealth
Financial health directly impacts an individual’s ability to afford and access essential healthcare services, including preventive care, medications, and specialized treatments, thus influencing their overall health outcomes. The lack of access to quality medication, specialized treatment, or preventive care can seriously harm their health, well-being, and social and economic opportunities (Mollenkamp, 2023; The World Bank, 2014). Based on the World Health Organization (WHO) report, low-income individuals are more likely to die from treatable and preventable diseases like HIV/AIDS, malaria, and tuberculosis than high-income individuals (Sapolsky, 2018). Low-income individuals will likely face barriers such as long waiting times, high costs, discrimination, and limited availability when seeking healthcare services. They may also lack the resources, education, or information to implement healthy behaviors and prevent illnesses.
Clay (2001, p.2) notes, “One of the greatest advances of the last few years has been that socioeconomic status is now viewed as a determinant of health rather than a mere correlate.” Addressing the social determinants of health, improving health literacy, and extending health insurance coverage are essential to providing low-income people with more access to high-quality preventive or medical care. An individual’s physical and mental health can be greatly impacted by financial instability and related pressures, which increase their chance of developing chronic illnesses, mental health disorders, and cardiovascular diseases.
“As you move up the socioeconomic status hierarchy, your health prospects proceed to improve,” notes Clay (2001, p. 1). Individuals with higher incomes and wealth tend to have additional choices and opportunities regarding their well-being (Clay, 2001). For instance, they can purchase foods rich in vitamins and nutrients like whole grains, fruits, vegetables, dairy products, and lean meat. Such a balanced diet strengthens their immune system and prevents chronic illnesses like cancer, diabetes, and heart disease.
They can afford better information and education, such as documentaries, online courses, books, magazines, and podcasts. These resources assist them in comprehending the risks and benefits of varying health behaviors and interventions like screening, vaccination, exercise, and meditation (The World Bank, 2014). Wealthy individuals can also afford to manage wealth and health by establishing a budget, investing in their health, and preparing for retirement (The World Bank, 2014). Thus, wealthier individuals may be ahead of poorer people in terms of health equity and health literacy.
Lastly, financial health is closely linked to overall well-being, as it affects an individual’s ability to meet basic needs, maintain a stable living environment, access healthy food options, and engage in recreational activities, all of which contribute to their overall health and quality of life. Purnell (2015) denotes that financial insecurity is a circumstance of being unable to cope with unexpected expenses. It impacts economically disadvantaged individuals who may face difficulties to pay for essentials like utilities and healthcare.
Based on a study published in PLoS ONE, financial health is the ability to manage expenditures, have less debt, and create wealth (Sapolsky, 2018). The study discovered that financial instability could put an individual under stress, increasing their risk of anxiety, depression, heart disease, and high blood pressure (Sapolsky, 2018). Purnell (n.d., p.2) highlights the importance of financial health support by stating, “If you want to lower my blood pressure, assist me in paying my electricity bill.” He implies that financial support to cover bills is more effective in lowering blood pressure than medication (Purnell, n.d.). Thus, reducing financial insecurity enhances health outcomes and the quality of life of lower-income individuals.
The core values that impact wealth and health include being inspired and doing meaningful work, being respected and valued as an individual and team member, and being engaged and motivated through it. Individuals are more likely to be interested in their activities and driven to accomplish their best work when they feel appreciated and valued (The World Bank, 2014). It results in better work performance, leading to additional opportunities for progress. A person is more likely to feel content and fulfilled when engaged in meaningful jobs, which can improve mental health (The World Bank, 2014).
When people are engaged, inspired, and motivated in their jobs, they are more likely to be prolific and fruitful in their careers (Mollenkamp, 2023). Numerous bad and good things impact an individual’s financial well-being. However, it is essential to determine the focus areas, for example, improving health and well-being, before commencing a financial life. These values are inspired by the WHO’s mission to promote health and the vision to promote a world with high levels of health and keep it safe.
Conclusion
In conclusion, the relationship between health and wealth is not linear because many inequalities and disparities exist within and across varying groups of people based on age, gender, income, education, and other characteristics. These inequalities and disparities can establish virtuous cycles of prosperity and good health or brutal cycles of poverty and poor health based on economic, social, and environmental contexts. Differences in health and wealth are caused by unequal resource distribution and a lack of appropriate infrastructure, which prevents individuals from receiving long-lasting well-being. The unavailability of access to quality medical or preventive care has grave consequences for the health and well-being of low-income individuals.
In addition, lower-income individuals may struggle with financial insecurity, which intensifies their stress levels and harms their health. On the other hand, people with higher incomes tend to have supplementary choices and opportunities regarding their well-being. However, core values such as being inspired, respected, and valued can positively impact health and wealth. Thus, it is essential to establish and implement strategies to manage both to enjoy life-enhancing benefits and opportunities.
References
Clay, R. A. (2001). Wealth secures health. American Psychological Association, 32(9), 1-5. Web.
Mollenkamp, D. T. (2023). What is the racial wealth gap? Definition, statistics, and impact. TIAA, 1-12. Web.
Purnell, J. Q. (2018). Financial health is public health, 1-9. Web.
Sapolsky, R. M. (2018). The health-wealth gap. Scientific American, 319(5), 62–67. Web.
The World Bank (2014). Poverty and health. Understanding Poverty, 1-5. Web.