Coupling fitness and daily exercise to retirement income, Transamerica has revealed their Wealth + Health brand, aimed at connecting participants’ physical well-being to financial security.
“Applying the link between Wealth + Health, we want to help people reach their goals by showing them ways to build their savings, protect what’s important to them, invest in their futures, and prepare for retirement,” says Dave Paulsen, executive vice president and chief distribution officer at Transamerica.
The recently launched brand provides health and financial resources on Transamerica’s online site, including savings and fitness; budgeting and nutrition; protection and prevention; and debt and stress.
The platform’s incentive arrives just as Transamerica commissioned a recent study on the correlation between both wellbeing forms. The study, “Communicating on Wealth and Health,” found most respondents—who varied in ages 40 to 65 and held an annual household income of $50,000—saw a distinct link between Wealth + Health. Additionally, workers with a retirement savings minimum of $300,000 by age 55 are 41% more likely to walk at least 8,000 steps each day, according to Transamerica.
Other findings reported a common link between active participants in moderate to high intensity groups to those who implement fraud alerts on financial accounts; and showed those who have an emergency fund of at least $1,000 are 46% less likely to have trouble focusing or concentrating.
The correlation between wealth and health spans outside of the fitness realm, too. A 2017 survey conducted through Bank of America Merrill Lynch reported those financially stressed suffer in job performance as well. Of the 56% who described feeling stressed with finances, 53% said it hampered with their work ability.
“Stress over personal finances extends into the workplace, impacting employees’ productivity, health and overall well-being,” said Lorna Sabbia, head of retirement and personal wealth solutions at Bank of America Merrill Lynch, at the time.
However, amid financial stress and other impending turmoil (such as concerns over retirement longevity and unforeseen medical expenses), the Bank of America study found 87% continue to feel optimistic about their financial future.
At Transamerica, Paulsen says the firm is planning to incorporate help from both plan sponsors and advisers, to expand the “customer’s support structure.”
More information on the Wealth + Health initiative can be found here.