The cost of living crisis is having a significant negative impact on financial and mental wellbeing across Australia and other parts of the world.
If you're feeling stressed about money or cost of living pressures, know you're not alone. Help is available. The earlier you seek support, the less stressful your life will feel.
Experiencing a mental health problem may make it more difficult to manage your finances.
Similarly, struggling with financial difficulties, can increase the likelihood of developing a mental health problem.
A recent Beyond Blue Survey found that 46% respondents named financial pressure as a key factor in their distress.1
Cost-of-living pressures can lead to stress, relationship problems, violence and feeling overwhelmed, and can result in negative coping strategies, such as over-working, alcohol and substance abuse.2
Its normal to avoid things that make us feel stressed or depressed. This is the avoidance cycle. Not thinking about a problem might make you feel better in the short-term but the problem doesn't disappear. It grows and becomes a bigger worry.3
Being persistently behind on payments and in long-term debt, can lead to feelings of shame.4 Over time, feeling shame or embarrassment about financial difficulties can lead to withdrawal from friends, family and colleagues, resulting in loneliness and isolation, and reluctance to reach out for support.5
Long-term experiences of money and mental health problems aren’t inevitable.
If people receive timely and effective support, they can break the cycle between financial and mental challenges, stopping difficulties from becoming entrenched.
Money and mental health worries can really knock your confidence and self-esteem. During this time we also tend to stop our routines, including the ones that can make us feel better8:
Sleep
Talking to someone
Learn more on the R U OK? website about talking to a mate who is stressed about finances or how to support someone experiencing financial pressures
As an organisation that supports people from across Australia, Beyond Blue acknowledges the Traditional Owners and Custodians of Country and their continuing connection to land, waters and community. We pay respect to Elders past and present.
First Nations Peoples are advised that this website may include reference to and images of deceased persons.
Beyond Blue is committed to safe inclusive spaces, policies and services for people of LGBTIQ+ communities and their families.
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