Having a strong financial foundation is very important for all young adults, especially college students. Kennesaw State students need to understand the impact financial health has on their overall wellness in order to properly care for their personal health and prepare for post-college life.
Financial health is defined as how one manages money and personal finances, according to Investopedia. This can include investing, saving, budgeting and being prepared for emergencies. One’s career, health and overall wellbeing can suffer if financial health is not maintained and prioritized.
Although nearly 40 percent of Millennials have at least a bachelor’s degree, they earn 20 percent less income than those in the preceding generation, according to New America. This means that financial wellbeing is all the more important for the younger generation — as a scarce resource, money needs to be managed closely.
This lack of financial health and literacy can directly impact one’s overall physical health, even though many may not realize it. Poor money management can lead to stress, which can cause headaches, stomach aches, depression and a slew of other long term issues, according to Healthline.
The mismanagement of one’s finances can also lead to students cutting corners on their personal health for the sake of saving money. Some choose to opt for cheaper unhealthy food options, like while others avoid healthcare altogether because of the cost. In fact, over half of American adults delay health care because they feel they can not afford it, according to CNBC.
Taking care of one’s financial health can also reap positive health benefits. In fact, watching one’s savings grow can improve one’s sense of financial security, and in turn relieve stress. Feeling more financially secure can even solve the health effects that come with money stress, including insomnia, according to Marketwatch. Feeling financially secure has a large impact on one’s overall physical wellbeing.
Finances can also directly impact students’ academics. About one-third of college students said that financial stress has negatively impacted their academic performance, according to a Self article. Lacking financial health can not only cause immediate physical stress but also worsen academic performance that can hurt young people later in life.
“Finance is something that affects everybody, but many people seem to not know how to deal with its many aspects, such as loans, mortgages, and interests,” senior management major Alanna Levine said. “I believe that the more aware students are about finance, the better off they’ll be in the future.”
With the statistics that show how students are negatively affected by the mismanagement of money, more students should take the time to focus on their financial health for the sake of their well-being in all aspects of life. By becoming educated about how to manage personal finances, students will be able to reap benefits to their health and overall wellbeing.
Olivia Subero contributed to this article.