Paceline survey reveals most US consumers prioritize health as a monetary investment
30 Sep 2022 --- Fitness startup company Paceline – a company that rewards exercise through payments in its app – is releasing a survey detailing that an estimated 72% of Americans view their health as an asset that will increase in value over time if invested in now.
The survey, conducted by One Poll included 2,000 adult participants and found that, on average, they would be willing to invest US$827 today if it meant they would be “in the best shape of their life” in 20 years’ time, with 67% of those polled stating that they think it is cheaper to invest in their health today than paying for hospital and doctor bills in the future.“
Our research found that 46% of American adults are spending money on wellness apps or platforms, but many may still see their pursuit of fitness as very separate from their finances,” explains Joel Lieginger, founder and CEO of Paceline.
“Investing” in a healthy future
According to the poll, healthy groceries and nutrition supplements topped the list of expenditures at 48%, with health and wellness technology such as wearables and fitness apps coming in second at 45%.
Most people wanted to see a return on their health investment within three months.The poll further found that 45% of Millennials chose to invest in wellness experiences, including travel, while among Gen Zers, 46% invested in their personal growth by hiring a life coach or career advisor. Furthermore, the pandemic also appears to have changed how different generations spend their money and time in regard to health and wellness.
In contrast to Boomers (23%), 39% of Millennials have plans to spend money on increasing their financial health, while 44% of Gen Zers are planning on spending more money on physical therapy, acupuncture, massages and other recovery services this year.
“Recovery is such an important part of health and wellness – we believe it’s a category people should be rewarded for, and it’s one that we’re seeing cardmembers increasingly spend and get cash back in,” explains Lieginger.
“In fact, 27% of our Gen Z and Millennial cardmembers have made purchases on recovery services, including spa visits, within the last six months.”
All about the money
Diet and nutrition apps and the purchase of wearable technologies are increasing among Millennials and Gen Zers.
A main finding across all generations was that financial factors and time were the largest motivators when it comes to considering individual health and wellness.
Most stated that they would want to see results, or a return on their investments, within three months. This included purchases on health technology, fitness equipment and healthy foods.
While 48% state that they want to see physical rewards, 39% said they wanted to reap financial gain of some sort. This could be in the form of increased earning potential (31%) or a decrease in the cost of healthcare and hospital bills (also 31%).
An ounce of prevention
Additionally, the study revealed that the definitions of what constitutes preventive health also varied generationally. While a majority (82%) of Boomers thought preventative health meant consistent checkups from a doctor, most millennials (57%) equated it with having life insurance, and 68% of Gen Zers saw it as pertaining to their mental or emotional health, nutrition (54%) or fitness levels (67%).
While millennials linked the term with health or life insurance (57%), Gen Z defined it as taking care of one’s mental or emotional health (68%). Other ways Gen Z defined preventive health include fitness (67%) and nutrition (54%).
“The younger generations are expanding how they think about preventive health. It is a powerful signal of change to come, because today’s healthcare is – in many ways – sick care,” Lieginger underscores.
“We built Paceline to get people moving and proactively keep people healthy. Science shows incentivizing good health behaviors improves health outcomes, which is good for individuals and good for the world.”
Edited by William Bradford Nichols
