Mental Health Awareness Month: The inevitable link between financial stress and mental health
…and what you can do to improve your financial and mental wellbeing
Covid-19 has brought with it many financial changes and insecurities for a number of Australians. According to a 2019 report by Fidelity International, Australians rate financial issues as the number one cause of stress.
If you are worrying about your financial situation, you are not alone. In fact, the same report by Fidelity International showed that:
- 65.7% of Australians reported they worry about money at least monthly.
- 23.5% of Australians say they worry about money on a daily basis.1
It’s normal to feel stressed, overwhelmed or anxious about your financial security. It’s also likely that this stress is affecting your mental health. Over half (52.8%) of the Australian population say financial issues have affected their mental health.1 As well as mental health, financial stress can impact other areas of your life such as your personal relationships or sleeping schedule.
If you are having trouble sleeping because of financial stress, know that you are not alone. A healthy sleeping schedule may help you cope better with stress or anxiety about your finances. Try these five tips out to help you get a good night’s sleep:
1. Stick to a routine: try and get to bed at around the same time each night and set your alarm for the same time every morning so your body and your mind can enter a routine.
2. Minimise screen time before bed: turn off your TV, your phone and laptop at least 30 minutes before bed as the light from these devices can affect your ability to get to sleep.
3. Eat dinner and exercise earlier: Try to have dinner earlier than usual and exercise earlier in the day as well to help your body and mind wind down for bedtime.
4. Meditate: This can help reduce your stress levels and relax so you fall to sleep easier.
5. Talk to someone about your finances: chat to a financial adviser about your situation and your financial goals. Financial advice is a proven way to address stress and anxiety, especially during this uncertain time of Covid-19.
Many Australians will visit their GP or a counsellor regarding their personal and financial wellbeing. However, only a quarter (24.9%) talked to a financial adviser to solve their issues and improve their wellbeing.1
Australians who have received financial advice say it brings greater peace of mind and allows greater control over your finances.1
Newcastle Financial Planning Group are here to give you advice on how you can improve your financial situation and reduce unnecessary stress. We care about your mental wellbeing and we’re here to help.
If you are ready to improve your financial wellbeing this Mental Health Awareness Month, book an initial appointment with one of experienced Financial Advisers. We have offices located in The Junction (NFPG), Erina (CCFPG) and Sydney CBD (SWA).
REFERENCES
1 The value of advice Helping Australians navigate towards a better financial future. (n.d.). [online] Available at: https://www.fidelity.com.au/insights/investment-articles/the-value-of-advice/.