Editor's note

The Royal Commission has delivered more detail this week about how the big banks’ poor financial advice has cost some Australians their homes and eaten away their savings.

It’s easy to dismiss these stories of lost wealth as purely financial dents in the lives of a few, but as Nick Haslam explains, the impacts extend well beyond money.

Research shows people who experience a “negative wealth shock” are at greater risk of depression, heart disease and premature death. It also impacts on relationships, with rates of domestic violence and child maltreatment increasing in financial crises.

Fron Jackson-Webb

Senior Health + Medicine Editor/Deputy Chief of Staff

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People who have a financial shock are at greater risk of depression and a raft of other physical and mental health issues. Ethan Sykes/Unsplash

Losing wealth, health and life: how financial loss can have catastrophic effects

Nick Haslam, University of Melbourne

Unaffordable home loans, poor financial advice and unmanageable consumer credit may have serious consequences for many Australians, beyond bankruptcy and debt. Here's what the research says.

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