Feeling the brunt: Financial issues affecting Australians physically and mentally

By Grace Ormsby

January 31 2020
Share

Financial worries are having a marked impact on the mental and physical wellbeing of Australians regardless of their actual financial situation, a new report has revealed.

Financial issues affecting Australians physically and mentally

Fidelity International has released a report, titled The Value of Advice, and found that more than 65 per cent of Australians worry about money at least monthly.

Almost one in four indicated that they worry about their financial situation every day.

Such concerns are not confined to lower socioeconomic circumstances either, with the report revealing that nearly four in 10 Australians with at least $1 million of investible assets worry about finances at least monthly.

More than 2,000 individuals were surveyed for the research, which also highlighted the impact that worries about money have had on health.

For more than half of Australians (52.8 per cent), financial issues had impacted their mental health.

A similar figure indicated financial issues had placed a negative strain on relationships with family and friends (48 per cent).

A further 37.4 per cent went on to also note that financial issues had adversely affected their physical health.

For Fidelity International’s Australian managing director, Alva Devoy, it is clear there is a strong link between financial security and overall wellbeing.

The kind of mental stress that financial issues are placing on Australians “has a direct impact on health and happiness”.

Ms Devoy considered it surprising that “many people don’t ‘join the dots’ and realise that addressing financial issues is a step towards improving overall wellbeing”.

The report also found that despite financial issues having such flow-on health effects, “many aren’t seeking professional help in the way they would access other services to support their overall wellbeing”.

“More than three-quarters (77.3 per cent) of Australians have seen their GP to address personal wellbeing issues, and more than a third (35 per cent) have been to see a mental health professional for the same reason,” the report said.

Just 24.4 per cent indicated they had seen a financial planner to address financial worries.

The new research comes after it was revealed that more than half of Australian seniors are worried they’ll outlive their savings and investments.

That report, from National Seniors Australia, also found a correlation between having a reliable source of income that would last for life as a key factor for worrying less.

About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

sections

most read

sections

most read

sections

most read

sections

most read

sections

most read

sections

most read

sections

most read

Most read

Age Pension increase prompts Australians to review their finances

Latest Podcast

Australia’s inflation surges amid Iran conflict, prompting potential RBA rate ...

Resources

There is $17.5 billion in lost and unclaimed super across ...

Earn