A new survey by HSBC Life has revealed what most of us know; without your health you have very little use for money.
The HSBC Group’s insurance business – shows that as people look forward to a life beyond the pandemic, they value their health over most things. The global study – a survey of over 10,000 participants aged 18 to over 80 across mainland China, Hong Kong, Singapore and UK – reveals that more than four in five (81%) respondents believe that passing on healthy lifestyle habits is becoming more important than passing on wealth; the belief in health & wellbeing as a priority is stronger amongst people in the 25 to 34 age group (84%).
Health is wealth
Three quarters (75%) of respondents feel that their mental health and financial position are connected, and most say they need to feel both physically healthy (84%) and mentally healthy (82%) to enjoy their wealth. Furthermore, four in five (80%) rank their physical health higher in importance than their financial health.
Financial fitness and holistic wellbeing
Respondents were asked questions relating to their current physical fitness, mental health and financial wellbeing, and grouped them according to their responses.
Overall, the results highlighted a strong correlation between physical health, mental wellbeing and financial fitness. A majority (85%) of the physically fit group scored ‘average’ or ‘above average’ for mental health (versus 38% in the unfit group), and 52% scored ‘very fit’ in financial wellbeing, (versus only 24% in the ‘unfit’ group).
Of those with above average mental health, 73% reported high levels of physical fitness (versus only 12% with ‘very low’ mental health), whilst 55% scored ‘very fit’ for financial wellbeing (versus only 22% with ‘very low’ mental health).
Insurance Brands See Rise in Healthcare Plan Demand
IE magazine has previously covered the UK response to the pandemic across the NHS, which has seen waiting lists grow rapidly, GP surgeries close and treatments delayed to the point where people die. That in turn, has prompted millions of Brits to check out BUPA, ActiveQuote (reported a 44% increase in sales last year), Vitality, YuLife and many other health and wellness plans. YuLife and Equipsme have also highlighted how employers are increasingly offering private health plans as a means to build employee loyalty.
The other factor which may emerge in the 2020s is that proving your health status may become necessary to obtain jobs, housing, travel privileges or access to festivals and major sporting events. For insurers this is one of the big upsides of the Great Reset and the new 24/7 surveillance society.
Bryce Johns, Global CEO of HSBC Life and Insurance Partnerships, commented: “The COVID-19 pandemic is an acute reminder of the importance of health and wellness. Our +Factor study indicates how our customers are expanding their horizons when it comes to legacy planning – from just wealth to securing a financially secure, physically fit and mentally healthy lifestyle, for their families and themselves.”
A report of the of key global findings is available to download at:
HK webpage –