A new report from MoneyLion and Mastercard identifies links between financial, physical and mental wellness. It suggests that proper financial literacy tools could have benefits beyond the bank account.
The report is part of the MoneyLion x Mastercard Health is Wealth campaign, which coincides with Financial Literacy Month and Physical Wellness Month.
Some stats:
- 66% of U.S. adults have experienced physical symptoms due to financial stress, highlighted by trouble sleeping (40%) and headaches (37%)
- 59% say they have skipped health-related activities—such as doctor visits (25%) or joining a fitness center/taking a fitness class (17%)— due to financial concerns.
- 67% say inflation has negatively impacted their physical or mental health, citing increased stress (38%), anxiety (36%) and difficulty affording healthy food (30%) as three results.
- 75% of U.S. adults say they would be healthier if they improved their financial literacy.
- 22% believe better financial knowledge would enhance their physical appearance.
- U.S. adults who say they are confident in their financial literacy are also significantly less likely (63% vs. 80%) to say they have experienced physical symptoms as a result of financial stress than those who say they are not confident.
- 56% of U.S. adults say they face barriers to learning about money and personal finances, with not being sure where to start (21%) and hard-to-understand resources (15%) being the top obstacles.
- 13% of U.S. adults say not having enough time or boring resources (12%) are among their biggest barriers to learning about money and personal finances.
- 79% of U.S. adults motivating financial education factors include personalization to their financial situation (40%), short, easy-to-digest content (39%), incentivized (39%), or gamified (22%).
- 90% of U.S. adults say that financial literacy should be a required subject in schools, just like physical education or math.
The report also discusses practical steps that businesses and financial institutions can take to benefit from these findings.
“As businesses, financial institutions, and content creators seek to engage consumers, the findings suggest a critical opportunity: Empowering consumers with personalized, easy, and accessible financial knowledge could drive real improvements in their health and quality of life,” MoneyLion said.
