How can financial stress impact your health?

Written by Ronald Pratap

on June 15, 2020

Financial worries affect most Australians at some point. The good news is, you’re not alone. If you’re feeling stressed about your finances, please reach out to us for help. There are also plenty of support services to help you through.

According to a Deloitte study, over 50% of the population worries about outliving their retirement savings. Of course, we’re all experiencing a little extra worry right now due to COVID-19. But it’s not just your bank balance that feels the strain, as financial stress can affect your mental health and physical health too.

What causes financial stress?

You’re probably aware of what causes financial stress in your own life, whether that’s high mortgage repayments or juggling monthly bills. Health Direct also lists some common, but more serious, triggers including losing your job, being unemployed, being unable to pay debts, or having gambling problems.

What are the effects of financial stress?

According to Head to Health (a government resource for improving your mental health), common effects of financial stress include “arguing with the people closest to you about money, having trouble sleeping, feeling angry or fearful, mood swings, tiredness, loss of appetite, and withdrawing from others.” Financial stress can also cause existing mental health problems to worsen. This can all sound pretty scary, but if you relate to anything on this list, know that you’re not alone, your feelings are not uncommon, and there are things you can do.

How can you improve financial stress?

There are things you can start immediately to help you overcome your financial stress. A good starting point is to educate yourself about the issues that cause you the most financial stress – whether that’s your mortgage, other debts, or retirement planning.

As a starting point, you can go to Moneysmart, a government service for helping Australians take control of their money. For a more tailored solution, please get in touch with us. We are here to help you work through your personal financial goals, including the mitigation of your financial stressors.

Beyond Blue Support Service offers help to Australians living with anxiety and depression. They have several suggestions to manage all kinds of stress, including postponing major life changes, doing things you enjoy, exercising regularly, and seeking support, by calling them on 1300 22 4636.

To deal with some of the root causes of financial stress, you could consider different options to give you a financial safety net – for example, income protection insurance in case you suffer an illness or injury that means you can’t work. This insurance can help to provide a monthly payment while you’re not working, so you don’t have the additional pressure of unpaid bills.

To find out more about income protection insurance, please give us a call on (02) 9188 1547 and we can chat through the best options for your circumstances.

The health and medical information is general information only and is not a substitute for advice from a qualified medical or other health professional. Always consult your general practitioner or a medical specialist.

 

The material shown in this article is for general information purposes only. It is not intended to be, nor should it be read as specific personal investment or risk advice.
Before acting on any of the information contained in this article you should obtain special advice from a specialist investment or risk professional, which is appropriate to your specific investment or risk needs, objectives and financial situation.
Whilst all care is taken in the preparation of this material, no warranty is given with respect to the information provided, and accordingly no responsibility for errors or omissions, including responsibility to any person by reason of negligence is accepted by RP Wealth Management.

Ronald Pratap

Principal Financial Planner at RP Wealth Management | Financial Planning l SMSF I Insurance l Property Advisory. Our purpose is to provide our clients with sound advice and direction to assist with their financial affairs and help them make the best choices in achieving what is important to them.

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