Vicious Cycles: Financial, Physical and Mental Health

Vicious Cycles: Financial, Physical and Mental Health

Feedback loops are powerful forces of nature. Melting polar ice caps reduce the earth’s reflectivity, causing it to absorb more heat from the sun, which accelerates the melting. The cumulative, accelerating aspects of such loops make it imperative to break the cycle before it gets out of control.

Individuals can take steps to improve their financial behaviors, by better controlling spending and increasing savings. This begins with empathetically planning for one’s future and creating a budget designed to make you happier. Others may benefit from the advice of a financial advisor or credit counselor. We can also work on developing “pride in good money habits – instead of money itself,” exercising, using relaxation techniques such as yoga and meditation, and obtaining support from friends, family and, perhaps, a therapist.

Governments, healthcare providers and businesses have a moral responsibility and a direct interest in breaking these loops which destroy welfare, social capital and shareholder value. They should sponsor financial (as well as general and mental) wellness programs to help people control their spending, attain resiliency with emergency funds, and plan for the future. Financial institutions need to support such programs and provide products and services more appropriate to low and middle-income consumers.

Source: 3 Vicious Cycles: Links Among Financial, Physical and Mental Health – Decision Fish: Decide For Yourself


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