Stories about interest rates and cost-of-living often focus on Australians\u2019 hip pockets. But what about the impact on our mental health?<\/p>\n
The National Mental Health Commission\u2019s most recent \u201creport card<\/a>\u201d shows financial stress has taken a significant toll in the last few years.<\/p>\n It found the proportion of people finding it \u201cdifficult\u201d or \u201cvery difficult\u201d to cope on their income doubled<\/a> from 17.1% in November 2020 to 34.6% in January 2024. Women consistently reported higher levels of financial stress compared to men. <\/p>\n More people are also delaying seeing a mental health professional due to cost \u2013 or not seeing one at all (20.4% in 2023\u201324, compared to 12% in 2020\u201321).<\/p>\n But whether you\u2019re experiencing a job loss<\/a>, struggling with debt<\/a>, or just worried about day-to-day expenses, it\u2019s important to take your mental health seriously.<\/p>\n Financial stress and mental health<\/p>\n We often focus on the medical aspects of mental health, for example, whether someone has a certain mental health condition such as depression or anxiety. <\/p>\n But broader social factors<\/a> can also influence our mental health, including access to housing, income, unemployment and food insecurity. These are known as social determinants of health. <\/p>\n These are the things that often feel out of our control \u2013 and therefore can make us feel helpless. The report card also found people who experience a high sense of control over their lives declined slightly<\/a> between 2019 and 2023.<\/p>\n Being able to save and pay off debt<\/a> is linked to significantly better mental health.<\/p>\n In contrast, having to forgo meals or medicine, or struggling with bills and rent or mortgage payments, is stressful and over time can affect our physical<\/a> and mental health.<\/p>\n Financial stress can lead<\/a> some people to develop anxiety or depression, or use alcohol and drugs to cope. If you have a pre-existing mental health condition, it can also make things more challenging.<\/p>\n We also know that rates of suicide are often higher<\/a> in groups that experience economic disadvantage and financial hardship.<\/p>\n Signs financial stress is taking a toll<\/p>\n Feeling overwhelmed can make it harder to take care of yourself, but it\u2019s important \u2013 and will also make it easier to work through your financial situation.<\/p>\n Try taking one step at a time. The first is to take notice of what is happening.<\/p>\n Signs financial stress is affecting your health<\/a> and\/or relationships might include:<\/p>\n arguing a lot about money These are normal responses to money stress. But if they\u2019re not addressed, they may lead to further difficulties. <\/p>\n Understanding your relationship with money<\/p>\n Mental distress can also affect how you deal with your personal finances \u2013 and make it harder to get on top of them.<\/p>\n For example, people who have struggled with money in the past<\/a> \u2013 or who grew up in circumstances without much money \u2013 may have a difficult relationship with managing finances.<\/p>\n You may have patterns of behaviours \u2013 such as frequently spending above your means or borrowing money \u2013 that make you more stressed about money. Maybe you cope by avoiding the problem, ignoring emails from banks or not reading bills. <\/p>\n Some people may find it helpful to understand how money is linked to emotional wellbeing. This means getting to know your money and mood patterns. <\/p>\n You might start by keeping a diary<\/a> of your spending and your mood, considering when you\u2019re more likely to spend and why, what emotions come up, and how best to manage them. <\/p>\n Beyond Blue\u2019s money, financial wellbeing and mental health quiz<\/a> is another good place to start. <\/p>\n Where else to get help<\/p>\n Beyond Blue<\/a> and the National Debt Helpline<\/a> provide a breakdown of what might be causing financial distress and can help you find free financial counselling. <\/p>\n Free online tips and advice about managing your finances and household debt are also available via the government website MoneySmart<\/a>, or Financial Counselling Australia<\/a> (a not-for-profit).<\/p>\n
\nhaving difficulty sleeping
\nfatigue
\nfeeling angry, scared or experiencing mood swings
\nfeeling guilty and worried about spending money
\ndelaying health care because of the cost.<\/p>\n