6 Perks of Better Mental Health for Your Wallet
Organizations that support mental health can expect a return of $4 for every dollar invested, according to analysis by the National Safety Council and NORC at the University of Chicago. This suggests that prioritizing mental health is good for business, but what’s in it for the individual who is investing their time and/or money; and what’s in it for their wallet?
Such questions can get lost in more immediate conversations about what therapy or inpatient treatment will cost and whether insurance will cover it. While these are important factors to think about, a long-term perspective can also be valuable. On this note, here are six financial perks of improving your mental health.
1)Better physical health and, in turn, more wealth – Research has shown that a sense of wellbeing significantly reduces one’s chances of heart attack and stroke by as much as 50 percent, according to a 2012 Harvard study. Positive thoughts and emotions are also associated with lower rates of chronic diseases like heart disease, high blood pressure, and obesity.
How does maintaining good health matter to your wallet? Research has found a clear correlation. A 2021 study in the American Journal of Lifestyle Medicine found that good health during the adult years is associated with “a more stable employment history, more financial reserves, and reduced risk of disease.” In another earlier study, those who were in excellent health had 74 percent more wealth than those who were in poor or fair health.
2)More productivity and better performance – Poor mental health can make everything harder, from exercise and eating healthy to finding the focus, energy, and creativity to perform well in a job. By contrast, someone who is healthy in body and mind is more likely to prioritize their self-care, make good decisions, and be more productive. This in turn allows them to make more contributions to their workplace and community and reap the rewards.
3)Fewer sick days and better job retention – Absenteeism and time away from work due to untreated depression or another mental health challenge can lead to job loss and/or a stall in career development and salary. On the other hand, research suggests that employees who engage in preventative mental health maintenance have higher rates of retention (and therefore a more continuous stream of income and benefits).
4)Lower costs of healthcare – A mental health problem that goes unaddressed for an extended period can end up costing a lot of money, due to high medical bills and lost wages. Early intervention can mitigate this outcome. For example, someone who seeks immediate, psychiatric help for depression may be able to avoid a future emergency hospitalization and debt incurred from it. That money can instead go toward their stock portfolio or a down payment on a home.
5)More longevity and a higher return on investments – Living longer is another extension of being healthier. More longevity gives you more time to earn money and save across your lifetime. Of course, more time also allows a person’s investments to mature and yield higher returns.
6)More social capital – Whereas poor mental health often contributes to social isolation and avoidance of others, positive mental health can widen a person’s network of relationships and their access to new opportunities. In a job market where who you know is often as important as what you know, that is one more perk for your wallet.