As we mark World Mental Health Day on 10 October, it’s important for those experiencing financial stress to know there are solutions available to ease this burden, which impacts millions of Australians.
If you’ve been feeling stressed about your money situation, you’re certainly not alone. As the cost of living continues to put household budgets under strain, as many as one-in-four Australians are struggling to get by on their current income, research from Lifeline shows.
Fortunately, there is a lot of support available for individuals, couples and families who are feeling the pinch of the higher cost of living or dealing with unexpected costs. Here are some of the signs of high financial stress and a few places you can turn for help if you need advice.
What is financial stress?
Financial stress is feeling anxious, worried or fearful about your current or future money situation. It can be short-term or acute, or something that’s experienced over a longer period. Signs and triggers include:
- Thinking about money and your financial situation frequently or all the time.
- Missing repayments on your home loan, personal loan or credit card.
- Falling behind on bill payments.
- Skipping usual expenses, such as meals.
- Having to pay for things you didn’t budget for, such as unexpected medical expenses.
- Avoiding looking at your bank balance.
- Withdrawing from regular activities because you’re worried about money.
Financial stress can negatively affect mental health, with research from the Australian Securities and Investments Commission and Beyond Blue showing a strong link between wellbeing and money.
If you’re experiencing financial stress and it’s affecting your ability to keep up with your money obligations, here’s where you can get help.
Consult a free financial counsellor
A financial counsellor can help you come up with a plan to manage your debt and other ongoing obligations. They can look at your financial picture, help you come up with a budget and explain your rights and responsibilities. They can also advocate on your behalf to creditors.
You can speak to a financial counsellor for free through the National Debt Helpline on 1800 007 007.
Confide in a trusted friend or family member
You may have heard the old adage, “A problem shared is a problem halved.” When it comes to money stress, speaking to a trusted friend or family member may put the situation in perspective or help you find a potential solution to reduce your level of concern.
Speak to your customer-owned bank’s hardship team
Your customer-owned bank is likely to have a specialised team to help members like you when they’re facing difficult financial scenarios. If you explain what your situation looks like, they can discuss options with you and advise how they can help. Reaching out to your customer-owned bank is a great early step if you think you’re facing financial hardship, as it can stop the situation from compounding when you can’t repay your loan.
Remember, support is always available if you’re facing financial stress, and your customer-owned bank is there to help.
Where else to get support if you need it:
- Lifeline: 13 11 14
- Beyond Blue