Health Matters: Why Wales Must Treat Financial Wellbeing as a Health Priority

After a lifetime spent working alongside people facing financial hardship, one truth has

become impossible to ignore: health matters, and Wales cannot fix its longterm health

challenges without confronting the economic realities that shape people’s daily lives. Yes,

we must deal urgently with waiting lists, emergency care pressures and the worrying state of

our population’s health. But unless we address the financial insecurity that underpins so

many of these issues, we will be treating symptoms, not causes.

Financial well-being is not a luxury. It is a fundamental determinant of health. The Money and

Pensions Service describes it as feeling secure and in control of your finances—able to pay

today’s bills, cope with the unexpected, and build a stable future.

When people cannot afford the basics—food, heating, transport, rent—their health suffers.

Poor financial wellbeing shortens the years people live in good physical and mental health

and contributes to premature death. It worsens existing conditions, fuels mental distress, and

forces people into a cycle where money worries and health problems reinforce each other.

Stress and insecurity make healthy choices harder. People under financial strain are less

likely to eat well or exercise, and more likely to turn harmful behaviours such as smoking,

alcohol or gambling. Cold, damp homes—unaffordable to heat—exacerbate respiratory

illness. And poor health itself becomes a barrier to financial stability, limiting access to

education, secure work and the support services that could help people regain control.

The burden is not shared equally. Research from the University of Bristol (2024 Financial

Wellbeing and Ethnicity report) shows that white householders are twice as likely to be

financially secure (30%), as those from black or other ethnic backgrounds (15%), and groups

such as social renters, lone parents and people with disabilities or a long-term condition are

far more likely to experience low financial wellbeing. These inequalities ripple across

families, communities and generations.

A Healthy Wales must be a Financially Secure Wales

If we are serious about improving health in Wales, we must recognise that health matters in

every aspect of life—including the financial. Financial well-being must be treated as a core

building block of public health, every bit as essential as access to GPs or hospitals. When

people feel secure with their money, they are happier, experience less chronic stress,

participate more in their communities, and are better able to make healthy choices, which

leads to longer and healthier lives. They also rely less on NHS services, easing pressure on

a system already stretched to its limits.

This is not simply about ensuring people have “enough” money to be financially secure. It is

about ensuring people have the confidence, skills and support to manage their finances

throughout life, from pocket money to pensions. Schools, workplaces, communities and public services all have a role to play in building this foundation, ensuring both thriving

people and communities.

Prevention must be more than a Slogan

Wales already has the frameworks to support this shift. The Bevan Commission’s Prudent

Healthcare Principles, the Social Model of Health and Care, and the Well-being of Future

Generations Act all emphasise prevention, fairness and long-term thinking. The Cymru Can

Strategy commits public bodies to tackling the root causes of ill health and reducing

inequalities.

But these commitments must now be matched with action. We need a Senedd that

recognises the inseparable link between universal access to health and social care,

economic security and decent housing. We need policies that treat financial well-being as a

public health priority, not an afterthought.

A Moment for Courage and Clarity

There is no avoiding the economic cost of health inequality. Taxation may need to rise to

meet the scale of the challenge—but this moment also offers an opportunity to rethink how

we use to protect the most vulnerable, strengthen financial resilience and reduce health

inequalities for good.

As my fellow Bevan Commissioner Sir Michael Marmot reminds us, “There can be no more

important task for those concerned with the health of the population than to reduce health

inequalities.” That must be the measure of our success.

As Wales approaches the Senedd elections, we have a choice: continue to firefight the

consequences of poor financial wellbeing or finally confront the root causes. If we choose

the latter, we can build a healthier, fairer and more resilient Wales.

Fran Targett is a Bevan Commissioner and the independent Chair of the Welsh

Government’s National Advice Network. She has decades of leadership across Citizens

Advice, WCVA, and national public bodies, and currently serves on the Future Generations

Commissioner’s Audit and Risk Assurance Committee, and the Human Rights Advisory Group.