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A1 Economic factors Typeit
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The financial resources an individual has available can have a significant impact on their health and wellbeing. ‘’ means the amount of money brought into a household. Two main ways this is achieved is either by working or via paid by the government. Therefore, an individual's situation has a large bearing on their finances. Someone who is careful with managing their money will be able to accumulate their finances, often by having a account that earns them on the money they deposit. Another factor that can also heavily influence an individual's financial resources is any money that has been from another person, usually a family member, following a death. A person's estate and possessions are often passed down to immediate family members.
An individual with sufficient financial resources is more likely to be able to pay for things like gym memberships and healthy, nutritious food that promotes positive health and wellbeing. Healthcare which is not free and which is instead provided by non-governmental organisations is called healthcare. This often has shorter and sometimes a greater range of treatments available than government-provided health services. This means that people who can afford this type of healthcare may also have improved health and wellbeing. Additionally, the chronic over having a low income (for example, worrying about bills, paying the rent, car repairs) can negatively affect an individual’s health and wellbeing. People on a lower income level are less likely to be able to afford high quality and safe in a good location. They may also struggle to pay for costs to access health and social care services in person.