Money and financial issues were the most universally cited stressors, affecting 48 per cent of the Australian population, with Gen Z severely impacted. Nearly 40 per cent of the cohort reported feeling behind financially, or feeling guilty for spending money.<\/p>\n
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It\u2019s the same story across other data sets too. <\/p>\n
Research from Monash University last year found an overwhelming 85 per cent of young Australians experienced financial insecurity over the past year, with one in four stating this happens often.<\/p>\n
Youth mental health organisation Reach Out found money worries were causing severe mental health repercussions for young people, including sleep problems in over 50 per cent. <\/p>\n
The isolation of being broke<\/p>\n
On the other side of the crisis, many of the protective behaviours proven to ward off mental ill health can appear out of reach on a budget.<\/p>\n
Gym memberships, psychotherapy, maintaining social connections through outings – these are some of the first \u201cdiscretionary\u201d items to drop from the budget when things get tight.<\/p>\n
But Medibank chief medical officer Dr Andrew Wilson cautions that thinking of self-care only in terms of what we have to buy is prohibitive. <\/p>\n
\u201cThe most effective zero-cost mental fitness practices include physical exercise such as going for a walk, simple relaxation or meditation exercises, maintaining sleep hygiene routines and actively scheduling social connections,\u201d Dr Wilson told news.com.au. <\/p>\n
\u201cStructuring daily activities around specific goals and breaking down seemingly overwhelming tasks into manageable steps can also be useful to prevent stress.\u201d <\/p>\n
Medibank psychologist Ali Sutton emphasised that building in these kinds of mental health buffers cannot only be low cost financially, but they don\u2019t require huge swathes of time, either. <\/p>\n
\u201cOne of the biggest myths about mental wellbeing is that it requires lots of extra time,\u201d she said. <\/p>\n
\u201cMost people don\u2019t need to spend another hour in their day working on their mental fitness; they can simply use the small moments that already exist.\u201d<\/p>\n
Ms Sutton said this could look like \u201ctaking three slow breaths before opening your laptop, stepping outside for sixty seconds between meetings, or choosing not to fill every spare moment by reaching for your phone\u201d.<\/p>\n
\u201cI often encourage people to think about \u2018bookends\u2019 in their day – those moments between activities,\u201d she said. <\/p>\n
Tackling the crisis head on<\/p>\n
While free or low-cost mental fitness tips are useful, several Australian organisations are raising the alarm with campaigns to address the mental toll of the cost of living crisis. <\/p>\n
Headspace\u2019s Mind & Money initiative was established in 2024 in response to survey results showing over half of participants aged 18-25 said financial instability was the most pressing issue to address. It aims to help young people navigate the mental health impacts and stressors associated with the rising cost of living.<\/p>\n
In addition to this the Australian Psychological Society has renewed calls to increase the current 10 Medicare-rebated mental health sessions to the 20-session limit that existed during the Covid pandemic.<\/p>\n
\u201cEach year, thousands of people reach breaking point in the second half of the year as their 10 Medicare-rebated sessions are used,\u201d it said in a joint statement with Lived Experience Australia, the Australian Clinical Psychology Association, Institute for Clinical Psychologists, Association of Counselling Psychologists, the Heads of Departments and Schools of Psychology Association.<\/p>\n
\u201cYoung people in particular are falling through the cracks of our mental health system and need support, now.\u201d<\/p>\n