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Now that we are three months into the new year, I’ll be curious to hear how everyone is doing with their new year’s resolutions. I plan to put out a post later this month to share my progress, or lack thereof, thus far.
I, however, do not appear to be alone with the lack of progress in my goals for the year. Nearly 80% of new year’s resolutions are broken by February. Furthermore, by the end of the year, only 8% of new year’s resolutions are kept.
I’m sure it won’t surprise most people to find out that weight loss is a popular #1 goal. However, I recently came across a really interesting statistic that nearly 3x as many people believe that they need to improve their physical shape versus their financial health.
Wallet or Waistline?
According to data from Marcus by Goldman Sachs, 60% of U.S. adults claim that they keep track of their exercise. 51% regularly check their weight. However, only 43% stay on top of their credit card balances.
While we shouldn’t ignore our physical health, I am concerned that people aren’t taking their debt more seriously. In February, it was reported that U.S. consumer debt hit an all-time high of $13.15 trillion dollars, making it the 5th consecutive year of annual household increases for debt growth in mortgages, student loans, auto, and credit card categories.
Recently, I came across a survey by Credit Karma. They asked Americans what was more important to them in 2018, their waistline or their wallet.
Admittedly, that question stumped me. Both are very important to me.
On one hand, I really would like for my finances to stay in good working order. On the other hand, I would take my health over money anyday of the week.
The Results
According to the survey, 38% of Americans reported that they would be willing to take on debt, or additional debt, in order to avoid gaining just 10 pounds.
Oh man only 38%– that means that I’m in the minority. Yes, I would take on debt to avoid gaining ten pounds. Why? To me, physical health is more important. How enjoyable is a great financial situation if you have poor health, feel sluggish, and are at an increased risk for early death?
Looking further into it, those in the 38% would rather see their debt balance grow by $129.90 per pound, or $1,299 for 10 pounds, than see their weight increase.
So 38% (nearly 2 out of 5) of people believe a pound is worth $130! Who knew?
I guess that’s why gym memberships can be so expensive. I was always floored by the amount that gyms could get away with charging in the DC area.
Conversely, 56% of Americans would be willing to gain an additional ten pounds in order to avoid gaining $1,000 of debt. Hopefully these people aren’t the ones wasting $130 on a monthly membership that they don’t even use.
Working Out
Speaking of gym memberships, 38% of Americans would be willing to work out 6x a week for a year in order to eliminate their current debt. If that could really work, I’d totally do it too if I was in debt. Plus, those who workout consistently are more likely to earn a higher paycheck.
Men vs. Women
Finally, men would be willing to take on nearly 3x as much debt to avoid gaining 10 pounds ($1,973 vs. $692) compared to women.
I would have never guessed that. Maybe women are less vain than people assume. It’s either that, or women know how to negotiate better when it comes to keeping off the pounds.
“38% of Americans would be willing to work out 6x a week for a year in order to eliminate their current debt”
Sure, I can see a lot of people saying that, but how many would follow-through? I bet the drop-off rates after the first two months would be huge. Most people know how to eliminate their debt, and even have the ability, but don’t for a variety of reasons. Not addressing those reasons prevents many people from achieving a debt-free goal.
Brad – Financial Life Planning recently posted…How To Crush Your Debt With the Debt Snowball Method
Thanks for stopping by Brad!!! I right there with you. I doubt people would actually follow through for a year. It’s easy to say in theory but the practice is much much harder 🙂
Perhaps your last line is key. Women are ingrained from childhood to pay attention to weight and to know about diets — so perhaps the thought of gaining isn’t as frightening.
I would also take on debt to avoid gaining 10 pounds. You’ve heard the saying “You can never be too rich or too thin?” If I could only be one, I’d choose thin.
Mrs. Groovy recently posted…Building Groovy Ranch: Update 12
I’m right there with you. I would much rather have good health than be rich and famous.
Health first, money second. Waistline important. Think I’d take the money then go on a diet. Tom
Tom @ Dividends Diversify recently posted…A Teaching Moment
I feel like I can make money later on and rather have my health now 🙂 Although both are difficult at times…
Health is wealth. If you don’t have your health, you don’t have much.
My goal is to die healthy.
CJ recently posted…Tax Refund – 5 Smart Ways to Spend It
Yep…I totally agree with you CJ!!!
Very interesting! The numbers don’t surprise me because many people abhor debt. I’m one of those people.
However, I’m willing to spend more money on food quality to improve overall health. I just don’t use debt to do it. Since I’m FIREd and have plenty of time, I also do plenty of exercise – running, stretching, and strength training.
Mr. Freaky Frugal recently posted…Frugal Flash: Discover the Discover Card
I am definitely jealous. I wish I had more time to exercise and spent less time earning money 🙂
Wow, this is definitely a difficult choice to make. I am a bit greedy. I don’t want to make a choice. I want both. Sadly, I am only able to do well on the financial front for now. I definitely need to try harder and put more effort into improving my health.
Leo T. Ly @ isaved5k.com recently posted…How I Earned More Money And Pay Less Income Taxes Than My Spouse
I’m right there with you Leo!!! I have fallen off the wagon a bit. I need to get back into exercising a bit more. Hopefully I can get back on track soon.
Really interesting post. I feel that physical health and mental health lead to better finances. it is actually really intriguing that some of the most successful people make sure to always get exercise to reduce their stress and stay healthy – and they choose this over working more, even though it might lead to more mulaaa
I definitely agree Chris!!! There are studies that show the better your health is the better your finances ending up being.
My hubby has been going to the gym every day after work to lose weight and keep fit. I think he values his health more the older he gets.
I feel the same way. Right now I’m in relatively good health (knocking in wood), so I don’t worry about it as much. But as I get older, I will definitely pay more attention to my health. That said, I’d take good health over lots of money any time. Without good health, you can’t properly spend the money you have.
Ms. Frugal Asian Finance recently posted…Why Debt Made Us Decide To Hold Off on Kids
I definitely didn’t think about my health until much later in life. I would love to go back to my 20s and tell myself to eat better and exercise more 🙂
I go to the gym four times a week. And burn $79 a month for that. Not that my scale has heard about it yet…
BusyMom @ CountdownToTranquility recently posted…Kids Activities – Why I Pay For Them
Hahhaah…I use to pay $50 a month and my scale didn’t seem to budge. However, when I stopped paying $50 a month, my scale seemed to start sliding up :O
I forgot I even had a resolution until you mentioned it! Yikes, I’m with the rest of the 20%. I would take health over money too. Depending on how unhealthy. But being a little flabby is kinda cute to me. When my husband gains a little weight, he’s nicer to hug.
Hahah…I wish my wife felt the same way. I need to get back on track with my health and hopefully it leads to a bigger paycheck too 🙂
Walletnor waistline? Can I pick both? I track my spending and my calories!
Hahaha…that’s awesome that you track both!!!
Haha my wallet. I’ve always been on the skinny side, even though I workout every single day. So even if I put on like 30 pounds I still wouldn’t be overweight for my height.
Troy @ Bull Markets recently posted…Study: a strong economy and weak stock market is bullish for stocks
Wow that’s awesome to hear Troy!!! Sounds like you are really well conditioned. I am jealous 🙂
Whoa this is a sticky wicket for a Health Coach pursuing FI!!! Not sure how to answer… my gut says NO WAY DEBT but my gut also says please no more gut! Haha I guess I’d be more inclined to take the 10lbs over debt right now because I know through eating healthy and exercising I could take that back off within 2 months. But as I get older and my metabolism continues to slow, I’d probably swing more towards the debt-to-stay-fit side of the equation.
the Budget Epicurean recently posted…Battling Blogger Burnout
Hahahah…that’s so funny because I’d rather take on the debt knowing I’m disciplined enough to pay it off. Funny how we all have different strengths 🙂
I wouldn’t mind gaining 10 pounds…..of muscle. 🙂
I agree that gym costs are ridiculous and for some fitness buffs, it doesn’t even matter. Health is super important, apart from exercise, more so is diet.
SMM recently posted…Simple Stock Analysis – Walmart (WMT)
I wouldn’t mind gaining 10 lbs of muscle either 🙂 I definitely need to do a better job when it comes to exercise 🙂