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
Moneysmart study reveals Gen Z women more concerned about finances than men
A new research conducted by ASIC’s Moneysmart has unveiled the heightened levels of stress and concern regarding finances and the cost of living among Australian Gen Z women compared to their male ...Read more

Spending
The cost of politeness: Aussies out of pocket by $1,350 due to 'awkward tax'
It's the time of year when Australians dive into their pockets for festive events and gatherings, yet a recent study by PayPal suggests that many are too polite, or perhaps too embarrassed, to ask for ...Read more

Spending
Aussies can ‘NAB Now Pay Later’ with the last major bank to embrace BNPL
NAB has become the latest bank to enter the BNPL market. Read more

Spending
Aussie households spent $368 a week on transport after petrol price surge
Fuel costs have increased by 40 per cent over the past year, a new report from the Australian Automobile Association has revealed. Read more

Spending
Voters say reducing the cost of living should be the government’s top priority
Aussies have ranked high cost of living as the top issue that needs to be addressed by the next government. Read more

Spending
Bodies back Labor’s commitment to stronger BNPL regulation
All parties should commit to stronger regulations for the BNPL sector, according to Financial Counselling Australia. Read more

Spending
Household spending surges led by retail and recreation
Spending on retail, recreation and hospitality have continued to climb as COVID-19 case numbers and restrictions have eased. Read more

Spending
Banks extend financial assistance to flood-affected customers
A range of assistance is available from major banks to those impacted by flooding in NSW and Queensland. Read more

Spending
Moneysmart study reveals Gen Z women more concerned about finances than men
A new research conducted by ASIC’s Moneysmart has unveiled the heightened levels of stress and concern regarding finances and the cost of living among Australian Gen Z women compared to their male ...Read more

Spending
The cost of politeness: Aussies out of pocket by $1,350 due to 'awkward tax'
It's the time of year when Australians dive into their pockets for festive events and gatherings, yet a recent study by PayPal suggests that many are too polite, or perhaps too embarrassed, to ask for ...Read more

Spending
Aussies can ‘NAB Now Pay Later’ with the last major bank to embrace BNPL
NAB has become the latest bank to enter the BNPL market. Read more

Spending
Aussie households spent $368 a week on transport after petrol price surge
Fuel costs have increased by 40 per cent over the past year, a new report from the Australian Automobile Association has revealed. Read more

Spending
Voters say reducing the cost of living should be the government’s top priority
Aussies have ranked high cost of living as the top issue that needs to be addressed by the next government. Read more

Spending
Bodies back Labor’s commitment to stronger BNPL regulation
All parties should commit to stronger regulations for the BNPL sector, according to Financial Counselling Australia. Read more

Spending
Household spending surges led by retail and recreation
Spending on retail, recreation and hospitality have continued to climb as COVID-19 case numbers and restrictions have eased. Read more

Spending
Banks extend financial assistance to flood-affected customers
A range of assistance is available from major banks to those impacted by flooding in NSW and Queensland. Read more