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Mental health is an ongoing battle in society with financial stress and mortgage debt major contributing factors to poor mental health. This article lists the signs of financial stress and provides solutions to manage the stress that may stem from debt commitments.
According to the Australian Institute of Health and Welfare, 4.2 million Australians received mental health related prescriptions from their doctors over the 2017-2018 period.
Though governments annually spend over $9 billion on mental health, there’s a continuous need for more resources, funding, and understanding around mental health issues.
What is mental health?
The term mental health refers to a wide range of health and behavioural issues that vary in severity and duration. Among the most common mental health issues in Australia are depression and anxiety.
While the causes of depression and anxiety are varied, financial stress is a common theme.
What is financial stress?
Financial stress is the all-consuming worry about money. Mortgage stress, in particular, is defined as needing to use more than 30% of the household income to cover mortgage payments.
A report by ratings agency Moody’s stated that the number of Australian mortgages more than 30 days overdue was at its highest level for five years, at 1.58%.
According to Relationships Australia, financial pressures are the number one contributor to relationship breakdown.
Signs of financial stress
Recognising financial stress before it gets out of hand is a step towards taking back control of your life. Some signs are:
Reducing financial stress
Financial problems can happen to anyone. A sudden illness, retrenchment, or an unexpected expense may throw your budget out of kilter. However, there are steps you can take to get your finances back under control.
How can you manage stress?
Emotional stress can find you obsessing over ways to solve problems, ultimately affecting your behaviour and interaction with others.
Take care of your health by:
Where to find help for mental health issues
If mental health issues affect you, or someone you know, consider:
By removing some of the misconceptions around mental illness, we build a caring community in which those that are affected are more likely to seek the help they need.
AGS Financial Group Pty Ltd, ABN 70 093 990 946, trading as AGS Financial Group, are authorised representatives of AMP Financial Planning Pty Limited ABN 89 051 208 327 (Australian Financial Services Licence No. 232706). Accounting, taxation, and business advisory services are provided by AGS Accounting Pty Ltd ABN 12 166 728 696. AGS Accounting Pty Ltd is a member of Chartered Accountants Australia & New Zealand. Liability limited by a scheme approved under Professional Standards Legislation. Any advice on this page is general in nature and does not take into account your personal objectives, financial situation or needs. Accordingly, you should consider the product disclosure statement for any product and your own objectives, financial situation and needs before acting on this information and before acquiring a financial product. You can obtain a copy by contacting us on 02 9966 8188.
Financial planning, corporate benefits and mortgage services are provided by AGS Financial Group Pty Ltd ABN 70 093 990 946, an Authorised Representative of AMP Financial Planning Pty Limited ABN 89 051 208 327 (AMPFP), AFS Licence No 232706. Accounting, taxation, and business advisory services are provided by AGS Accounting Pty Ltd ABN 12 166 728 696. AGS Accounting Pty Ltd is a member of Chartered Accountants Australia & New Zealand. Liability limited by a scheme approved under Professional Standards Legislation.