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Health and financial well-being: Two good things that go better together

C.G. Hyland, C.J. Revere
The National Credit Union Foundation

Together, health and financial well-being are a strong predictor of future success, and as such healthy behaviors (whether physical, mental or financial health) are best taught and acquired early in life. However, healthy behaviors alone are not enough to improve outcomes, as the overlapping conditions in which we are born, live, learn, work, and play – the social determinants of health – also must be improved to create a healthier population, society, and workforce. Access to quality and affordable health care, education, jobs, housing, and food are as much social determinants of health, as is access to quality and affordable financial services.

Although not readily apparent, credit unions and health care share much in common. Their business strategies have evolved to place the needs and wants of the consumer at the center of decision-making, and in many cases, they serve the same population. However, absent an appreciation of the connection between health and financial well-being and the will to make it a strategic priority, a health care provider is more prone to partner with a food bank, rather than a credit union, to improve patient health outcomes; just as a credit union is more prone to partner with a school, as opposed to a health care provider, to improve financial well-being for students. Separately the interventions may have some positive effect however, the potential for demonstrating maximum immediate or lasting progress should rise if the institutions work collaboratively, rather than independently.

Hyland CG, Revere CJ. Health and Financial Well-being: Two Good Things that Go Better Together. The National Credit Union Foundation; 2018. Available online.

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Issue Briefs & Reports
Social Determinant of Health
Economic Security