At Artemis Strategy Group we developed a holistic indicator of an individual’s well-being to reflect overall wellness across financial situation, physical health and emotional-mental health. It’s called the Wallet-Body-Mind Index (WBMI), and is a result of our latest Life Priorities Assessment study conducted with over 2000 Americans. We find that conducting our own studies, as we have for the past decade, gives us the freedom to explore what motivates people more holistically, providing a fuller context for understanding decision-making.
Based on the Wallet-Body-Mind Index score, we categorize Americans into 3 well-being groups:
- Struggling (25%): those who are having a difficult time overall, in two or three of the areas: financial, physical and/or mental health
- Managing (49%): those who are getting by in some areas but challenged in others, or are moderately challenged in all three areas
- Thriving (26%): those with who are doing very well or excellent or across all areas
Key takeaway
For Americans to feel they are meeting their personal goals, our analysis finds that financial security is the most important determinant — more than job, home, physical health, mental health/wellness, relationships, connection to community or family well-being.
Policy considerations
Due to recent changes in funding for Medicaid and ACA, millions will become uninsured in the next 2 years. This is on top of the steep increase in monthly healthcare premium costs for Americans enrolling on the ACA Marketplaces.
Yet our research finds:
- The majority of Americans (71%) agree with this statement: “Cutting back on government-funded healthcare will raise the cost of healthcare for millions of Americans and increase the number of uninsured.”
- While only 29% agree with this stance: “Cutting back on government-funded healthcare will lower government spending on healthcare and reduce the U.S. deficit.”
Our Motivation Research analysis further reveals that financial stability (provided through affordable living) leads to one feeling self-reliant and fortunate, which leads to personal values of being in control of achieving life goals and protecting and providing for family.
With financial security identified as the cornerstone of Americans’ perception of their individual well-being, healthcare policy and its effects on the personal finances of millions is much more than a federal budget conversation. These results reveal a critical tension: people need financial stability to thrive, yet healthcare expenses remain one of the greatest threats to that stability. Access to high quality, affordable healthcare is critical to ensure Americans’ financial, physical and mental health.
Photo by Vitaly Gariev on Unsplash
