Interested in adding a decade to your life? The secrets of staying youthful may well be found in how you handle money.
So if you are reluctant to start an intense gym routine or commit to a restrictive diet that forces you to give up your favourite food, consider the anti-ageing tricks that revolve around your wallet.
Here, money and health experts come together to share the top financial habits that will help you lose those worry lines and get your body into better shape for a wealthier, longer life.
Debt and sleepless nights often go hand in hand, according to the charity StepChange. Three-quarters of people who contact the organisation admit to regularly struggling with sleep due to the anxiety caused by their cash concerns.
Sleep is directly linked to the ageing process and is important for body cell repair as well as the production of key proteins such as collagen and elastin. These help to fend off early wrinkles and keep skin more elastic – so paying off your debts could make you look younger if it means you sleep more soundly.
Mike O’Connor, chief executive of StepChange, says: ‘Millions of people are being kept awake due to money problems. Money worries can impact on every aspect of life, from mental health problems to relationship difficulties and being able to do a good job.’
Research in the US has found that men who regularly sleep well live almost five years longer, while for women the benefit is slightly less at two years. This is according to the US-based National Health Interview Survey.
The report defines ‘good sleep’ as regularly enjoying between seven and eight hours of slumber.
Easy sleepers were 30 per cent less likely to die for any reason, with 21 per cent less likely to die due to heart disease, and 19 per cent less likely to be killed due to some form of cancer.
Having a positive relationship with money is directly linked to better physical health and longer life expectancy, studies have found.
Optimistic people can live a decade longer than pessimists, according to research. Women with the brightest outlook can live 15 per cent longer than those with a negative attitude – while for men it is 11 per cent, according to a report for the international journal Proceedings of the National Academy of Sciences.
It is therefore helpful to view money as a positive asset to be used to enjoy life to the full rather than fretting over it or seeing it as a necessary evil.
Keeping this positive mindset into old age can also give you a stronger immunity against illness, according to a report by the International Psychogeriatric Association.
Money psychotherapist Vicky Reynal says: ‘You can have an uncontrollable drive to amass money without feeling fulfilment – or struggle with overspending, or clash over money in relationships. Most of us need to better manage our emotional relationship with money.’
For professional support on how to manage your finances, consider an independent financial adviser. Details can be found on the website unbiased.co.uk.
Known as the ‘love hormone’, oxytocin calms the nervous system and promotes a sense of wellbeing and generosity that can be boosted by spending money.
According to the publication Psychology Today, this anti-stress hormone has health benefits that include reducing blood pressure and heart rates, as well as helping you cope with stressful situations.
So showing occasional financial generosity to family, friends and good causes can help your body stay in a relaxed state.
You have a £3,000 annual gift allowance that enables you to give away cash or assets worth up to that amount without it being added to the value of your estate for inheritance tax purposes.
And when it comes to donating to a good cause, a charity can also benefit from a tax break, with donations exempt from income tax if you donate through Gift Aid. It enables charities to claim an extra 25p for every £1 given by ticking the Gift Aid box.
The average lifespan for men in Britain is 79 years and 83 years for women – so most of us will need a solid financial plan to see us through a couple of decades in retirement.
You need an annual income of £43,900 for a ‘comfortable retirement’ or a joint income of £60,600 if you are in a couple, according to trade body Pensions UK.
Taking into account the current state pension (£11,973 a year), an individual might need to save £638,436 and a couple build up a pot of £732,872 to achieve this financial goal, according to Pensions UK.
This should enable you to spend £130 a week on groceries, £80 a week on meals out, and two weeks holidaying in Europe each year. Anything less and you may need to cut back on time away.
Yet not going on regular holidays can be bad for your health, according to research by the University of Helsinki.
It found that taking three weeks of holiday every year, no matter where you go, can extend your lifespan – with a key reason being that a change in scenery and pace can cut the level of stress hormone cortisol in your body.
