The Connection Between Personal Finances And Health

Income has long been an important determinant of health. People with higher incomes live longer and have lower rates of illness and injury. People living in poverty have a lower life expectancy and higher rates of illness.

What does this mean for the almost 5 million Canadians living in poverty? You might be surprised to learn it means a greater risk of homelessness and premature death.

In Ontario, the percentage of impoverished people has increased 26 percent between 2003 and 2016, a rate higher than the national average. Compared to other Canadian cities, Toronto has the highest rate of poverty at 17 percent.

While one’s financial situation affects their health, poor health predisposes individuals and families to homelessness. At the same time, homelessness exposes individuals and families to health problems. It is a vicious cycle.

Homeless men visit emergency rooms