Getting on top of your finances can help in more ways than one
When Kristan’s power got disconnected because she couldn’t pay the bill, she realised she needed to seek assistance. She also realised she was in a dark place as she struggled to cope with the burdens of financial hardship. It took a toll on her mental health.
“I was in the last straw, rock bottom moment,” Kristan said.
She decided to phone the National Debt Helpline and it’s a call that has helped turn her life around.
There are strong links between financial hardship and mental health. A survey was recently conducted on Australia’s financial counsellors. It showed:
- Half of the financial counsellors said that most of their clients had told them they had mental health issues, 26% said about half had self-reported mental health issues and 7% said all.
- Almost all respondents agreed with the statement “financial hardship causes mental health to deteriorate”. 75% said they strongly agreed and 23% agreed.
The good news from the survey, is clients tell financial counsellors their mental health improves once they get assistance.
This news is not lost on Kristan who noticed a significant improvement in her mental health once she sought help from a financial counsellor.
“Now I’m feeling financially stable and on track, and able to manage my budget… I’m glad for the support that has enabled me to be where I am today,” she said.
“That initial conversation with Bert (the financial counsellor) was the beginning of the process, but just to know that it had begun, that there was something in motion, was alleviating in a way I hadn’t expected,” she said.
Beyond Blue and Financial Counselling Australia (FCA) have launched a joint campaign to encourage people to access free support services, to alleviate financial stress and mental health issues.
It’s never too early or late to take control of your money and look after your mental health.
For more information about Money on Your Mind and how to seek support, go to their financial wellbeing hub.
For free financial counselling call the National Debt Helpline on 1800 007 007.