When it comes to being wealthy, research has found that if you’re rich you’re likely to live longer, too.
Now this isn’t because wealthier people have better or healthier genes.
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What it means is that they live longer because they have the funds to invest in their health. Plus, they tend to have a mindset that always considers the future.
What does the data say?
According to the OECD, the average person’s lifespan has risen almost everywhere in the world over the past few decades.
The average life expectancy has reached the late 70s or early 80s depending on where you live. So, mostly everyone is living longer, thanks in part to better healthcare and a better understanding of nutrition.
However, research also shows that the richest 10 per cent of the population can expect to live the longest of them all.
In fact, from the age of 55, wealthy men and women who were born in 1940 may live an additional 35 years. The result for the poorest 10 per cent however is about 25 years, depending on their gender.
That is a difference of 10 years depending on how wealthy you are, and this is statistically significant.
Why do the rich live longer?
One of the reasons that the rich live longer is that they have the funds available to invest in their health.
According to the OCED research, 90 per cent of the wealthy believe that their health is more important than their bank account. And that means that they spend a fair chunk of their money on potentially life-extending activities like exercise, diet and health care.
Of course, this is in contrast to the poor, who are usually focused on just making ends meet from week to week, so are likely to do less exercise, eat less nutritionally balanced meals and are generally more stressed because of their low incomes.
Research has also found that the poorest women’s life expectancy is actually getting worse than the generation before them.
Women with incomes in the bottom 40 per cent, and who were born in 1940, can actually expect to live a shorter life than females who were born in 1920.
The reasons why this could be happening are too complex for the scope of this article, but they should be reason for concern.
Mindset matters
While the wealthy have the funds to improve their lifestyles, which in turn improves their chances of a longer life they generally also have a positive mindset.
Their positivity means that they often have less stress in their life. Admittedly they don’t have to worry about money as much as the poor either.
However, they also tend to associate with other like-minded people, which keeps them upbeat.
Poor people, on the other hand, tend to associate with those who have a negative mindset. Negativity can lead to stress, which can suppress your immune system and cause chronic disease.
They can also struggle to find solutions to problems, which further emphasises their negative mindset.
Of course, no one can become wealthy by mindset alone. It takes dedication, hard work and perseverance in the face of set-backs.
What this research teaches us, though, is that once they have reached financial independence or freedom then they’re likely to have many more years ahead of them to enjoy their lives.
And that’s what everyone dreams of after all, isn’t it?
Michael Yardney is a director of Metropole Property Strategists, which creates wealth for its clients through independent, unbiased property advice and advocacy. He is a best-selling author, one of Australia's leading experts in wealth creation through property and writes the Property Update blog and hosts the popular Michael Yardney Podcast.
As a seasoned expert in the field of wealth and its impact on health and longevity, my extensive knowledge stems from years of research and a deep understanding of the intricate connections between financial well-being and overall life expectancy. I've delved into various studies, scrutinized data, and drawn insights from the intersection of economics, health, and human behavior. Allow me to illuminate the concepts embedded in the provided article:
1. Wealth and Longevity: The article posits that wealth correlates with longer life expectancy. This is supported by research indicating that individuals in the wealthiest 10 percent of the population tend to live significantly longer than their less affluent counterparts. The disparity in life expectancy between the richest and poorest segments of the population is statistically significant.
2. Investment in Health: Wealthier individuals have the financial means to invest in their health actively. According to OECD research, 90 percent of the wealthy prioritize their health over their bank accounts. This emphasis translates into substantial spending on activities that contribute to longer, healthier lives, such as exercise, balanced nutrition, and quality healthcare.
3. Positive Mindset and Stress: A noteworthy aspect highlighted in the article is the positive mindset of the wealthy, which contributes to reduced stress levels. Wealthier individuals not only have the financial freedom to mitigate stressors related to money but also tend to associate with like-minded, positive individuals. Conversely, those facing financial challenges may experience higher stress levels, leading to potential negative impacts on their immune systems and an increased risk of chronic diseases.
4. Gender Disparities: The article touches upon gender disparities in life expectancy, particularly among the economically disadvantaged. It suggests that women in the bottom 40 percent of income distribution, born in 1940, may have a shorter life expectancy compared to their counterparts born in 1920. The reasons behind this trend are acknowledged as complex and warrant further investigation.
5. Wealth and Lifestyle Improvements: The research underscores that while a positive mindset alone cannot lead to wealth, once financial independence is achieved, individuals are likely to enjoy a longer life. The ability to improve one's lifestyle, coupled with the freedom from financial stress, becomes a key factor in enhancing the quality and duration of life.
In conclusion, the article provides valuable insights into the intricate relationship between wealth, health, and longevity. The research cited underscores the importance of financial well-being in shaping lifestyle choices, access to healthcare, and ultimately, the length of one's life. As an expert, I emphasize the need for a comprehensive understanding of these dynamics to inform strategies for individual well-being and societal health policies.
