As World Cancer Day approaches on 4 February, it’s a timely reminder that being proactive saves lives and livelihoods. Regular cancer screenings detect illnesses early and improve survival, while early financial planning protects families from unexpected financial shocks.
"The connection between cancer prevention and financial wellness is clear," says Certified Financial Planner Howard Freese at Old Mutual Personal Finance. "Both require early, deliberate action to reduce risk and build resilience for the future. Just as scheduling annual medical check-ups ensures your physical well-being, consulting a financial adviser annually or more regularly safeguards your financial health.”
He explains that a financial adviser is like a ‘wealth doctor’ who helps you assess financial risks, set priorities, and create a plan tailored to you and your family’s needs. “Consulting a financial adviser helps you identify and manage financial risks before they grow into bigger problems,” says Freese.
Both cancer prevention and financial wellness require proactive planning, regular reviews, and adaptability. "It’s just like health check-ups—they keep you prepared and ahead of potential issues. The sooner you address these areas, the stronger and safer you’ll be when life throws a challenge your way,” says Freese. “Life changes, risks evolve, and plans need adjusting.”
Freese shares five ways to align health and financial wellness:
1. Start Early: "Both health and financial planning emphasise the importance of early action," explains Freese. "Regular health screenings can detect cancer at treatable stages while starting your financial planning early helps you build a solid foundation, including taking advantage of compound interest and the lower cost of insurance when you’re young and healthy."
2. Tailor Your Plan to Your Needs: "Cancer prevention depends on personal risk factors like age and lifestyle; financial plans require the same personalisation," Freese continues. "A financial adviser helps prioritise your goals and identifies specific risks, such as ensuring adequate medical aid, life cover, Severe illness cover or disability insurance."
3. Keep Checking In: Regular health check-ups catch medical issues early. Similarly, reviewing your financial goals regularly enough ensures they stay aligned with your overall financial plan and are adaptable if and when life changes. "An annual financial review ensures your plan meets current needs," notes Freese.
4. Minimise Stress with Risk Cover: "A lot of stress stems from financial worries," says Freese. "Severe illness cover ensures that if you are diagnosed with a condition like cancer, you have a financial safety net to manage costs without added strain." Medical aid and risk cover work together, addressing immediate healthcare needs and offering long-term protection, so families can focus on recovery rather than expenses.
5. Empower Yourself Through Knowledge: "Healthier lifestyle choices often lead to financial benefits," Freese explains. "For example, improving your BMI or quitting smoking can reduce insurance premiums. These changes enhance both your health and financial well-being."
Waiting for a crisis—whether health-related or financial—can lead to dire consequences. By acting early, reviewing plans regularly, and tailoring solutions to individual needs, you can safeguard your family’s well-being. "Both health and financial planning are about preparation and peace of mind," concludes Freese. "These steps help you and your family thrive amidst life’s challenges."
PERSONAL FINANCE