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Health and wealth are strongly related, thus, better integration of health and personal finance educational programs and research is needed. Family and consumer sciences (FCS) professionals are well positioned to lead this integration effort. This article describes health and wealth connections with evidence from research and practice. Implications of health and longevity, workplace interventions, costs of unhealthy lifestyle, income and wealth accumulation, small behavioral changes, and psychological and social factors that influence health and financial practices are explored. Ten implications for FCS professionals are presented.
The greatest wealth is health.
-Virgil
These words, by the ancient Roman poet Virgil (70-19 BCE), are as true today as they were centuries ago. Health and wealth are strongly related. Examples include healthcare costs associated with contracting lung cancer or the retirement savings required for healthy retirees to sustain their lifestyles for three or four decades. Additionally, even the most abundant wealth cannot save the life of someone whose health is failing (Pullen & Wehner, 2007). Virgil, himself, caught a fever and died at age 51 while traveling to Greece with Emperor Augustus Caesar (Virgil, n.d.).
Along with strong interpersonal relationships and work or other pursuits that provide a sense of purpose, good health and economic security are components of a happy and successful life. Moreover, interest in both aspects of life by people in government and employers probably has never been higher. Witness the establishment of the President's Advisory Council on Financial Literacy in January 2008, the financial equivalent of the President's Council on Physical Fitness and Sports, which was first established in 1956. Workplace health and financial literacy initiatives (e.g., employee wellness programs and financial education seminars) address both aspects of life, usually on parallel tracks with separate curricula, literature, and advocacy agendas (Vitt, Siegenthaler, Siegenthaler, Lyter, & Kent, 2002).
Research has demonstrated strong links between health and personal finances. Because both aspects of life are related to literacy levels and availability of scarce resources, better integration of health and personal finance education and research is needed. "Many consumers will be unprepared for possible financial upheaval in their lives if they remain unaware of, or indifferent to, the need for healthcare financial planning" (Vitt et al. 2002, p. 18). FCS professionals are well positioned to develop...