What does a bank have to do with health?
Plenty, if you listen to 70% of consumers who say that financial health has a positive impact on physical health.
TD Bank released the Fiscal Fitness survey this week, finding that consumers make a direct connection between fiscal and physical fitness. That’s what we here at THINK-Health refer to as financial wellness.
TD learned that
- 80% of consumers made a health resolution in the New Year and 69% of people made a financial resolution
- 40% of people want to save more and spend less, and 42% want to get healthy and stay in shape.
So TD is gifting Fitbit FLEX trackers to customers opening new retail accounts at TD Banks in 1Q2015 to bolster the nexus of health and wealth.
What’s quite telling is that 4 in 5 consumers said once their finances were in order, other personal goals are easier to accomplish.
But there are gender differences when it comes to feeling and acting empowered when fulfilling resolutions:
- 44% of men set a budget and stick to it, vs. 35% of women; and,
- 45% of men are satisfied with their physical health compared with 30% of women.
I recently wrote about the women’s health/wealth gap in The Huffington Post in the column, Even Rich Girls Worry About Being Bag Ladies. Women have fared far worse in the U.S. post-recession economy than men, confirmed in the Allianz study, LoveFamilyMoney.
TD Bank polled 1,444 consumers in January 2015 in their geographic footprint to gauge their perspectives on the link between money and health.
Health Populi’s Hot Points: People define their health beyond the physical, to include emotional/mental health, physical appearance, and financial health, we learned in the 2008 Edelman Health Engagement Barometer. We later found, in the 2010 survey, that consumers expect all industries to engage with them in their health journeys — beyond hospitals and doctors, pharma and OTC drug supplies, people look to media and food, and — yes, indeed — financial services companies, shown to be valued by 8 in 10 consumers engaging in health shown in the bar chart.
TD Bank is meeting this consumer expectation, as people continue to exercise their muscles as engaged health consumers. Watch for bank, credit card, and investment companies all to reach toward consumers as people work toward achieving financial wellness.