When it comes to financial planning, we acknowledge that we cannot avoid all risks, whether in the markets or in our daily lives. Although we can’t avoid risk, we can reduce our exposure (mitigate) to risk.

When it comes to breast cancer, awareness is helpful for peace of mind and reducing our risk.

October marks Breast Cancer Awareness month, the most common cancer in women. According to the National Cancer Registry, around 1 in 30 women are at risk of developing breast cancer. Men can also develop breast cancer, although at a significantly lower risk, with around 1 in 1200 developing this disease.

Several factors contribute to the likelihood of developing breast cancer, which is why awareness is so powerful. Lifestyle plays a major role — being overweight, unhealthy eating habits, not exercising regularly, drinking too much alcohol, smoking and stress are lifestyle issues that put us at higher risk.

In addition to lifestyle choices, family history also plays a role. Biology isn’t everything, but it certainly increases our awareness of things that could go wrong and spur us to take evasive action, making lifestyle choices that will reduce our risk.

Being aware of your personal health is a positive way to mitigate risk, but it’s also wise to stay abreast of your financial health. If you are at a high risk of chronic illness or dread disease, you can bolster your ability to overcome these challenges without devastating your financial health. 

Health cover, dread disease benefits, and income continuation are important elements of a robust financial portfolio. Regular check-ins with your financial plan are just as important as regular check-ins with your GP.

Women need to do regular self-examinations, checking their breasts for any changes, lumps or bumps. In most cases, regular screening and awareness can lead to early detection.

As our bodies and lifestyles change, so too does our risk – both for cancer and for financial traumas. It’s easy to be distracted by life and put off the need to have a lump or bump checked out. It’s easy to fall behind on risk cover payments or cancel policies that we need to reinstate as our risk of health concerns increase.

If there’s something that you’re concerned about, that awareness can save you from stress, compromised health and financial ruin. Chat to us today so that we can help you mitigate risk and plan for a protected future.