Sponsoredfound that people with depression and anxiety were three times more likely to be in debt. At the same time, even a slight decline in mental health has been found to increase financial stress through a variety of reasons, including impaired and poor decision-making and quick-fix feel-good spending.
“In identifying the five behaviours that have a huge impact on financial health and, as a result, on mental health, Discovery Bank found that spending less than you earn, saving regularly, insuring for adverse events, paying off your property and investing for the long term, are the key areas for individuals to focus on.” Discovery research shows how individuals of similar socioeconomic status can be in materially different financial health.
When Discovery spoke to individuals earning more than R1m per year, 10.4% of them had a financial health score associated with “experiencing material financial hardships and having difficulty making ends meet”.Richard Feynman, a US theoretical physicist known for his work in quantum mechanics, said: “You must not fool yourself and you are the easiest person to fool.”
Individuals saving at the beginning of the month are twice as likely to build up a sustainable savings buffer.Similarly, budgeting regularly means being part of the group that has money left over at the end of the month.Dowra says, “Knowing where to start and which behaviours to change first provides powerful insight into how to ensure sustained success, which is why Discovery Bank launched its behavioural change programme Vitality Money.
Vitality Money tracks the choices you make and then shows you exactly where to make incremental improvements to get more benefits and rewards. Picture: SUPPLIED/DISCOVERY BANKby University of Chicago professor Richard Thaler and Harvard Law School professor Cass Sunstein, they talk about creating policies that help people make better choices by giving individuals options to choose from. The most optimal choices are also the ones that are best for individuals.
Discovery_SA So what are the 5 behaviours? Don't see them covered in the article
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