Mental health matters: Managing and preventing financial stress
September is Suicide Prevention Month, raising some important discussions on mental health and encouraging vulnerable conversations during challenging times.
Financial stress can have a big impact on your mental and physical health. Whilst each person will experience financial stress to varying degrees, most people will experience some level of anxiety and worry about their money!
But, for some people it can feel overwhelming and prolonged financial stress can cause on-going symptoms of depression and anxiety.
If you are worried about your money, know that you are not alone - especially as we all navigate the unique challenges of the pandemic.
A weekly survey of Australians conducted by the University of Melbourne in response to the impact of COVID-19 found that around 30 per cent of those interviewed reported feeling financially stressed in terms of paying for essential goods and services. You can read the full report here.
With that in mind, what are some signs that on-going financial stress may be affecting your mental health?
According to Health Direct some signs your financial stress is affecting your health and relationships include arguing with the people closest to you about money, difficulty sleeping, feeling angry or fearful, mood swings, tiredness, muscle pain, loss of appetite, lower sex drive and withdrawing from others.
So, what can we do to prevent ourselves from experiencing overwhelming worry about our money? We’re going to cover some of the common triggers as well as strategies you can put in place to prevent financial anxiety.
What are some of the common triggers for financial stress?
The loss of a job/employment
Unexpected medical expenses
Change in employment status of your spouse or partner
How can you manage and prevent financial stress?
Feeling safe, secure and stable are key factors in positive mental health - the same goes for managing money stress!
It is important to note here that seeking professional support from a counsellor or psychologist is absolutely the first step you should take if you are experiencing constant, overwhelming worry about your money. Find a counsellor near you here.
Secondary tools/techniques you can use are:
Improving your financial literacy through education or seeing a financial planner
Having a ‘safety net’ account for a rainy day
Having a comprehensive financial plan that allows you to live your life knowing you will be financial supported when things don’t go to plan
Choosing the right insurances for greater peace of mind
Compiling a will to ensure your family is well supported
Talking about money is still often considered a taboo topic, so it’s important to come from a judgement free zone when talking about money.
There is no shame in admitting you are worried about your financial position! We have all been there at some point in our lives.
Here are some great financial health resources and mental health support services to help you find the right supports/guidance:
Money Smart offers informative, easy-to-understand financial tips
Reach Out provides information to young people on job security, financial futures and more
Beyond Blue’s financial wellbeing resources
If this article has raised any issues for you, please contact Lifeline on 13 11 14
Author: Michael Harvey
