BOO T YOUR WEALTH WELLBEING
Money troubles getting you down? Rosie King asks the experts how we can conquer these common financial woes and alleviate some of the stress
Financial troubles are the number-one cause of stress in this country, according to the Stress and Wellbeing in Australia Survey conducted by the Australian Psychological Society.
The five issues that trigger most of our money worries are: bad debt, home loans, retirement, supporting the family and budgeting. The stress caused by these pressures impacts the health of more than 72 per cent of Aussies, while 64 per cent believe it affects their mental health.
These sobering statistics don’t surprise Kristen Hartnett, a financial counsellor with The Salvation Army’s Moneycare service. “Financial stress takes an enormous toll on a person’s wellbeing,” she says. “As well as physical and mental health, it can strain personal relationships and affect their performance at work.
“A lot of people feel deep shame when they have a financial issue. They question their competence and ability to provide for their family,” she adds. “Once someone starts taking steps to ease their stress, the effects include higher self-esteem, improvement in relationships and confidence in their future.”
Certified practising accountant Natalie Ducki, founder of business advisory service Collective Works, agrees: “Taking a single step towards a solution will make you feel more in control.”
Here’s how to get started.