Crazy Money! Cost of Health and Wellness

It’s Crazy Money Day! 

Ann and I married at age 21 and 22. We rented briefly while saving aggressively for the down payment on a house, but times have changed! Young people are delaying marriage and family, renting longer, and choosing to live with parents longer. So, what are they doing with their money? The data shows they’re spending disproportionate amounts on health and wellness.

McKinsey estimates that Americans spend more than $500 billion annually just on wellness. Gen Z and Millennials represent 36% of U.S. adults but account for more than 41% of that spending. Teenagers to 45-year-olds report high levels of stress and burnout. They’re heavily exposed to wellness content on social media, and health has become a part of their identity. They spend money on everything from fitness memberships to supplements to skincare, sleep products, apps, retreats, and nutrition.

Investing in physical health can be beneficial, but not at the expense of your financial health. More than half of this age group lives paycheck to paycheck, and more than 80% say their day-to-day finances and long-term financial futures contribute to stress and anxiety. How ironic! Spending excessively to reduce stress, but creating more of it! That’s crazy!

Wisely steward the body God’s given you. Exercise, eat well, sleep, and rest, but don’t confuse expensive wellness products with wellness itself. Only in Christ will we experience true wellness.

Now, if your need for wellness created credit card debt, Christian Credit Counselors can help. They’ll create a debt management plan that will really work. For more information, visit online at crown.org/ccc.