Money Can Buy Longer Life — to a Point
Money may indeed be able to buy happiness, but it may also be able to buy a longer life – at least to a point.
A number of recent studies have shown that wealth is often linked to better health, and that having more money is associated with a longer life. This is not a surprise, as those with more financial security have access to better healthcare, healthier housing, and a greater ability to afford a balanced diet.
A Swedish study published in the journal The Lancet found that, on average, a 10% increase in income leads to a 3.5% increase in life expectancy. Additionally, another study from the Harvard School of Public Health found that people with higher socioeconomic status tend to live longer and healthier lives, and that the gap in life expectancy between the rich and the poor has been widening in many countries.
There are a number of reasons why wealth is often linked to better health and a longer life. For one, people with more money are more likely to have access to healthcare and preventative care, such as cancer screenings and vaccinations. They are also more likely to have access to healthy foods and safe living conditions, which can help to reduce the risk of chronic diseases.
Wealth also provides people with more control over their lives, which can lead to lower levels of stress and anxiety. This can, in turn, lead to better physical and mental health.
However, the relationship between wealth and life expectancy is not always a simple one. As the Harvard study noted, the relationship is complex and influenced by a variety of factors, including access to education, social networks, and environmental conditions.
It is also worth noting that there is a point at which additional wealth does not lead to additional gains in life expectancy. This has been referred to as the “Easterlin paradox”, after the economist Richard Easterlin, who first identified the phenomenon. According to Easterlin, once a certain level of affluence is reached, further increases in income do not lead to further improvements in well-being or longevity.
In sum, while money can buy a longer life – at least to a point – the relationship is complex and influenced by a variety of factors. It is clear that having more money is not the key to a longer, healthier life, but it can certainly provide a solid foundation for one.