• Taking control of finances linked to health and happiness
  
  
• People who take control of their finances are healthier and happier, according to a new landmark study commissioned by Northwestern Mutual in partnership with LLuminari, a network of evidenced-based health experts.
  
  
• According to the study, people who feel financially secure are significantly more likely to describe their health and attitudes positively, and are less likely to use negative descriptions.
  
  
• Financial Security = healthy & positive: in excellent to very good health, happy, optimistic, confident, less likely to feel worried, regretful, disappointed, depressed. The survey also uncovered a key driver of happiness: satisfaction with progress toward achieving financial goals. Other primary drivers cited include: quality of life, being in control of physical and emotional well-being and satisfaction with quality of relationships with family and friends.
  
  
• People who feel financially secure also report lower stress and fewer stress-related health symptoms. 41% report "far to somewhat too much stress" vs. 81% of those who do not feel financially secure; 6% "far too much stress" vs. 34%.
  
  

The study identifies the seven financial habits of healthy people. Those reporting excellent to very good health are more likely to:

1. Have a financial plan
   
   
2. Be taking active steps to achieve their financial goals
   
   
3. Have taken the steps to protect their family from financial misfortune
   
   
4. Have short-term and long-term financial goals:
   Short term: having money for emergencies
   Long term: saving for retirement and college education
   
   
5. Pay off their credit cards every month and have good credit standing
   
   
6. Spend within their budgets
   
   
7. Work with a financial advisor. Survey respondents working with a financial professional rate higher on all key measures. They were happier and felt more in control than all others.
   
   

Healthy, Wealthy & Wise?

• Consumers believe financial security means setting goals and feeling in control of their achievement. But, only 19% are “extremely or very satisfied” with progress toward goals.
  
  
• Although it’s a priority, even affluent Americans are feeling financially insecure. Regardless of income, people seek financial security (93% say it’s important) and are dissatisfied with their progress in achieving it (only 53% feel secure).
  
  
• The number one priority? Having enough money for retirement.
  
  
• Secondary financial goals: current comfort, managing a disability, having resources for Long Term Care if needed and being debt free.
  
  

The Golden Years Are a Reality!

• According to the study, life generally gets better after 50 and stress seems to melt away.
  
  
• Happiness appears to remain constant through age 54, then increases with age – the happiest of all are those age 65+.
  
  
• A number of key measures increased for those above age 55:
  
  
  • Feelings of financial security and control over financial management tasks
    
    
  • Satisfaction with progress toward goals
    
    
  • More likely to have a will in place
    
    
  • More frequent exercise
    
    
  • More likely to make healthy diet choices
    
    
  • More likely to work with a local financial professional
    
    
• The only measure that trends lower with age is the perception of too much stress, which drops significantly at age 55 and again at age 65.
  
  

Differences Among Men & Women

• Women attach significantly more importance to feeling financially secure (71% who “agree to strongly agree” vs. 62% of men), and yet fewer women than men actually feel financially secure.
  
  
• Women feel less financially prepared than men and report less satisfaction than men with the progress they’re making toward meeting their financial goals.
  
  

Financial matters that women place a higher priority on than do men include:

• Having enough money to retain a comfortable lifestyle through retirement
  
  
• Being able to pay off debt
  
  
• Having enough income to maintain a comfortable lifestyle even if disabled and unable to work
  
  
• Having enough money to maintain a comfortable lifestyle while employed
  
  
• Not losing most or all of savings to pay for long-term care
  
  

Women Say They’re Healthier

• Six in 10 respondents say their overall health is “excellent or very good” and females believe they are healthier than men. But women seem to overlook stress as a health issue.
  
  
• Women report higher levels of stress and stress-related symptoms than men (56% “far to somewhat too much” stress vs. 50% for men)
  
  
• These symptoms of stress include: fatigue, lower energy, sleeping problems, nervousness/anxiety, muscle tension, being emotionally drained and difficulty concentrating
  
  
• Still, despite reporting higher levels of stress, women also report being significantly healthier and happier than do men
  
  
• 60% of women report that they’re in “excellent to very good health” vs. 56% of men.