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The extant literature has provided a lot of evidence that supports positive associations between participation in activities and health. However, the health effects of high or low risk financial activities (FAs) are presently ambiguous, especially across age groups. With a sample of 313 subjects in Taiwan, this study examines whether participation in high or low risk FAs (savings, stocks, mutual funds, and real estate) benefits self-rated health (SRH) in middle-aged and older adults. We find that (1) savings rates are consistently high for both middle-aged and older cohorts. However, middle-aged adult participation rate in FAs, in terms of stocks, mutual funds and real estate, is higher than that for older adults. (2) High risk FAs, especially stock investments, have a positive effect on SRH in middle-aged adults.