Financial stress is widespread. Finder’s Consumer Sentiment Tracker found three in four Australians are feeling it, almost half of renters are struggling with rent and 38% of homeowners are finding repayments hard.
Women are hit harder: 82% reported some financial stress in July, versus 69% of men. Financial therapist Jane Monica-Jones says money is tied so closely to food, shelter and clothing that any threat to it makes us feel vulnerable.
She suggests limiting doomscrolling and constant account checking, which can keep you stuck in the stress. Rest, exercise, meditation and time outdoors build resilience, which makes it easier to find practical solutions.
She also warns about comparing yourself with others on social media and in advertising, and encourages focusing on values and contributions beyond money, such as family and community. Taking a wider view of past hurdles you’ve overcome can help too.
If you’re struggling with debt, a free financial counsellor can help with budgeting and dealing with creditors. The National Debt Helpline is 1800 007 007, and Lifeline is 13 11 14.
What it means for your money
Money stress is a health issue as well as a budget issue. Reaching out early to a free financial counsellor is a practical step, and so is cutting back on the habits that keep you anxious.
Source: Money Magazine