Invest
Aussies feeling financial pinch prone to anxiety
Financial stress is causing depression and anxiety among Australians, leading to substance abuse and binge drinking, according to a new survey.
Aussies feeling financial pinch prone to anxiety
Financial stress is causing depression and anxiety among Australians, leading to substance abuse and binge drinking, according to a new survey.
Acorns, the spare change investment app, surveyed 1,000 Australians finding financial stress was a major cause of depression and anxiety.
Of those surveyed, 70 per cent had experienced depression and anxiety due to financial pressures, more than half reported physical health problems while two in three had difficulty sleeping.
Managing director of Acorns Grow Australia George Lucas said the report’s findings underlined the need for Australians to address their financial health.
“These findings should act as a wake-up call for individuals, our political leaders and mental health organisations to consider the potential health issues associated with a lack of financial know-how,” Mr Lucas said.
“Mental health issues and their causes are often a taboo topic, even in an open country such as Australia. To navigate this challenge, we need to ensure we have the necessary frameworks in place to help those facing financial difficulties to access support and advice to get their finances under control.”
Nearly a third of those aged between 25 and 44 reported having abused alcohol due to financial stress, while one in five had turned to drugs and other illicit substances.
Around half of respondents said financial stress negatively affected their work and home lives, with 52 per cent citing it as a major cause of relationship problems and 49 per cent saying it impacted their work performance.
Mr Lucas said the results highlighted the urgent need for Australians to get on top of their finances.
“The research suggests that many of the pressures and health issues Australians face can be avoided if we can encourage people to honestly assess their financial situation,” he said.
“Taking control of your finances can seem intimidating, but even small steps taken now can reap financial and health benefits in the long term.”
Readers seeking support and information about depression or suicide prevention can contact Lifeline on 13 11 14.
Spending
Australians more proactive about their financial future
Australians are using the COVID-19 period to become more proactive about their money, new research has revealed. ...Read more
Spending
Buy a pair, give a pair claim costs $3.5m
Eyewear retailer Oscar Wylee has been ordered by the Federal Court to pay $3.5 million in penalties for misleading or deceptive conduct and making or misleading representations about its charitable do...Read more
Spending
Single mums can afford the basics due to pandemic: report
Australian single mothers are no longer skipping meals to feed their children, being forced to wear the poorest clothing or having to steal nappies as changes to social benefits due to the COVID-19 p...Read more
Spending
Why the iron price boom means you pay more for an iPhone
A strong Australian dollar spurred on by the high price of iron ore means Australians are now paying more for an iPhone relative to 12 months ago, new research has shown. ...Read more
Spending
Buy now, troubles later?
Almost one in three people who use buy now, pay later services is finding themselves in financial trouble, new research has found. ...Read more
Spending
Consumers push for locally made products
Australians are increasingly supporting locally produced products as the COVID-19 pandemic revealed weaknesses in the Australian economy as well as an over-reliance on foreign trading partners, accord...Read more
Spending
Petrol prices tumble but record gross margins mean you pay more
The average petrol price in the June quarter fell to its lowest level in 21 years in real inflation-adjusted terms as a result of the recent lockdowns and geopolitical tensions, but gross retail margi...Read more
Spending
Consumers’ intent to spend rises despite COVID restrictions
Australians’ intentions to spend have increased during July, despite lockdowns and border restrictions slowing down consumer spending, new research has shown. ...Read more
Spending
Australians more proactive about their financial future
Australians are using the COVID-19 period to become more proactive about their money, new research has revealed. ...Read more
Spending
Buy a pair, give a pair claim costs $3.5m
Eyewear retailer Oscar Wylee has been ordered by the Federal Court to pay $3.5 million in penalties for misleading or deceptive conduct and making or misleading representations about its charitable do...Read more
Spending
Single mums can afford the basics due to pandemic: report
Australian single mothers are no longer skipping meals to feed their children, being forced to wear the poorest clothing or having to steal nappies as changes to social benefits due to the COVID-19 p...Read more
Spending
Why the iron price boom means you pay more for an iPhone
A strong Australian dollar spurred on by the high price of iron ore means Australians are now paying more for an iPhone relative to 12 months ago, new research has shown. ...Read more
Spending
Buy now, troubles later?
Almost one in three people who use buy now, pay later services is finding themselves in financial trouble, new research has found. ...Read more
Spending
Consumers push for locally made products
Australians are increasingly supporting locally produced products as the COVID-19 pandemic revealed weaknesses in the Australian economy as well as an over-reliance on foreign trading partners, accord...Read more
Spending
Petrol prices tumble but record gross margins mean you pay more
The average petrol price in the June quarter fell to its lowest level in 21 years in real inflation-adjusted terms as a result of the recent lockdowns and geopolitical tensions, but gross retail margi...Read more
Spending
Consumers’ intent to spend rises despite COVID restrictions
Australians’ intentions to spend have increased during July, despite lockdowns and border restrictions slowing down consumer spending, new research has shown. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
