Half of Aussies in financial distress

One in two Australians is experiencing elevated cost-of-living distress, sparking fears inaction could lead to further increases in suicide rates.

The latest quarterly Suicide Prevention Australia Community Tracker shows the largest increases in living distress during the March quarter were among full-time workers and families with children under 18 living at home.

Middle Australia is driving the record rates of cost-of-living and personal debt distress, which comes amid a rise in unemployment.

Suicide Prevention Australia chief executive Nieves Murray has issued an urgent plea for Australians experiencing distress to seek help early.

“With federal and state government budgets, and further cost-of-living relief still months away, it’s clear more needs to be done to help ease the financial and mental distress of Australians right now,” Ms Murray said.

“We know it’s two to three years after a critical event like a pandemic or environmental disaster that suicide rates often begin rising.

“The fact we are seeing costof-living distress continuing to escalate despite a softening in inflation and interest rates should be of real concern for our political and corporate leaders.”

At least 50 per cent of respondents reported above normal levels of distress, up 4 per cent in the past 12 months.

Cost-of-living and personal debt were also the main cause of elevated distress among Australians reporting suicidal behaviours, 58 per cent, as well as from those seeking help from frontline suicide prevention services, and clinical services.

The two issues now more than double other key economic and social determinants of suicide, such as housing access and affordability, social isolation and loneliness, relationship breakdown, drugs and alcohol.

The rates of distress rose 11 per cent to 51 per cent in households earning over $100,000, and 12 per cent to 54 per cent among those earning $150,000 over the past year. LIFELINE: 13 11 14