Invest in your health: it can pay off!
In addition to physical and psychological benefits, maintaining your fitness and health can also result in substantial savings.
Significant costs
The impact of health-related expenses may not always be obvious, but they can be quite high. In Canada, these expenses amount to about $8,500 per person per year.
Nearly a third of these expenses (30%) come directly out of your pocket1, whether through direct costs or private insurance coverage. On average, the annual bill amounts to over $2,500 per person.
In 2023, annual health expenditures by Canadian households represented between 4.5% and 6.3% of their total budget, depending on the province2. This could total several thousand dollars per year.
Spending to save
Believe it or not, sometimes a health expense can be a good investment.
This is often the case with physical fitness and health. For example, spending a few hundred dollars on a treadmill or a bike, or to get a gym membership, can positively impact your cardiovascular health or help you manage your weight.
Most importantly, it can have a positive impact on your wallet, as fit and healthy people tend to spend less on medical care and medication.
- Preventing chronic diseases such as diabetes, obesity or cardiovascular diseases helps avoid high treatment costs.
- Staying in good physical condition can reduce or eliminate unexpected expenses related to emergency medical consultations or hospitalizations.
- Good health can lead to increased work productivity, as well as a decrease in absenteeism and the need for medical leave.
All of this can positively impact your finances.
These are excellent reasons to maintain fitness and health. But don't forget, physical activity is also good for your mood! Exercise triggers the release of endorphins that promote happiness, relaxation and self-esteem.
Why miss out on that?
In summary, maintaining good health can result in considerable savings for you, leaving you with more money to fulfill other financial needs and increase your overall wellbeing, including bolstering your retirement savings!
1 Health spending in Canada: Who is paying for these services? | CIHI
2 Household final consumption expenditure, quarterly, Canada