Many people are feeling some level of financial pressure right now. Increased financial pressure can cause stress or anxiety — leading to impacts on physical and mental health. According to a 2017 study* by life, health and wellbeing insurer — AIA Australia*, there is a strong connection between physical, mental and financial wellbeing. Research from Heartward Strategic also shows that people experiencing financial challenges are at least twice as likely to encounter mental health issues than those who aren’t*.
So, improving your financial wellbeing could have a positive impact on your physical and mental wellbeing.
Ways to improve your financial wellbeing
Recognise financial ‘red flags’ - these may include getting behind on your mortgage repayments and paying bills late or not paying them.
Become financially educated - there are many free websites providing financial education. Have a look at the government’s MoneySmart website as a first step.
Plan and budget - a clear budget can help you restructure spending, manage debt, and change spending habits. Work out where your money is going with ASIC's MoneySmart Budget Planner.
Get sound advice - getting some professional money advice tailored to your situation can help lay the foundation for a more secure financial future.
Need some help now?
Queensland Mental Health Week prize sponsor, HESTA, is proud to partner with Infoxchange, the not-for-profit behind 'Ask Izzy' — a service that helps people access support services in their local area across Australia*. From housing to health, finances and more, find out more about find out more about Ask Izzy.
*For references and terms and conditions please read the full article on HESTA's website here.