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The ‘health spend’ trend

16.05.22

We all know that the health and wealth of a nation are intrinsically linked. Healthier populations live longer, more productive and prosperous lives. So, it’s no surprise that on an individual level, people are prioritising their wellbeing too – not least because they think it’s crucial to boosting performance both in and out of work. 

Research from Private Client by Bupa [1] found health and wellbeing expenditure amongst the UK’s wealthy increased by a fifth in the last 18-months, with individuals spending, on average, £120,000 on health treatments and services in that time period. 

Boosting longevity is an important factor, with high-net-worth individuals (HNWIs) hoping that boosting their health spend will extend their lifespan by up to 10-years. More immediately, nearly two-thirds (62 per cent) are striving to reach peak condition to maximise their effectiveness at work. 

Holistic outlook 

Increased spending on health represents a marked shift in attitude towards wellness amongst the wealthy, with more than six in 10 (62 per cent) HNWIs more interested in preventing poor physical health now than they were pre-pandemic.  This appears to be fuelling newfound respect for holistic wellbeing and an open-mindedness towards alternative therapies, as well as a greater emphasis on ill-health prevention. Vitamin therapy for instance, whereby critical nutrients are administered intravenously and cryotherapy, a treatment made famous by Wim Hof, where the body is exposed to extremely cold temperatures, are gaining in popularity. Similarly, nutrition has become a major focus. Low carb diets such as ‘keto’, and other diets like ‘paleo’, and intermittent fasting, have really taken off as a means of weight management. Alternative therapies as well as food preparation services and mindfulness retreats now attract the highest expenditure amongst HNWIs, with spend in these areas averaging more than £6,000 every year.  

Health obstacles 

Despite being cash-rich, time remains a challenge for HNWIs looking to boost their wellness. Perhaps unsurprisingly then, that two thirds (64 per cent) of those questioned in the study said they would benefit from having one-to-one assistance to organise health appointments and treatments.  

Private Client by Bupa curates exceptional health and wellbeing services bringing them together in one simple package with one single point of contact. Ultimate Health Plan customers are also able to access a dedicated Lifecare Concierge Manager to help with all aspects of their premium health journey. 

For more information on Private Client by Bupa, visit  bupaprivateclient.com or call on  0371 346 0407. 

Calls may be recorded. Private Client by Bupa is a premium service providing expertly curated health and wellbeing plans insured by Bupa Global.

Bupa Global is a trading name of Bupa Insurance Limited and Bupa Insurance Services Limited. Bupa Insurance Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Bupa Insurance Services Limited is authorised and regulated by the Financial Conduct Authority.

Global Virtual Care is not regulated or authorised by the Financial Conduct Authority nor by the Prudential Regulation Authority.

[1] Bupa Global Executive Wellbeing Index (September 2021). According to research conducted by Censuswide in July 2021 among 252 high net worth individuals with assets/ income of £1 million + (excluding main home).

 

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