Financial stress is weighing us down
Posted on October 19 2017
According to the 2015 Australian Psychological Society Stress and Wellbeing in Australia survey, 36% of us report having a significant level of stress in our lives. On top of this, 72% of Australians admit that stress affects their physical health, whilst 64% state that it affects their mental health.
So, what is causing us to feel this way? Of all respondents surveyed, the key theme of money worries was raised in 45% of cases. Financial stress consistently topped the list of worries Australian’s have – regardless of a person’s employment status, making it the leading cause of stress in our country.
With Sydney and Melbourne being ranked the 14th and 15th most expensive cities in the world, many of us are finding it increasingly difficult to keep up with the cost of living in Australia. In fact, an overwhelming 58% of us feel stressed about the affordability of food and other basic necessities, while 39% of us are worrying over whether we’ll be able to afford the mortgage or rent.
If left unmanaged, long-term, high levels of stress can have a significant impact on our mental health, with stress being a contributing factor to the diagnosis of both anxiety and depression.
The key to overcoming financial stress is by understanding and managing your money. If you’re feeling overwhelmed by your finances, consider speaking to one of our financial advisers. We’ll be able to draw you a financial roadmap to help you reach your goals, so that you can reclaim your financial freedom.