How can financial stress affect my health?

Money worries are a major source of stress in Australia and can affect your mental health and relationships.

Financial stress can affect people differently, and many people cope well, but it can affect your health if it continues over time. Some people may use drugs or alcohol to cope. Some may experience thoughts of self-harm or suicide.

You might find that reaching out for support makes financial stress more manageable.

Signs that financial stress may be affecting my health and relationships

Signs that financial stress may be affecting your health and relationships include:

• arguing with the people closest to you about money
• difficulty sleeping
• feeling angry, fearful, depressed or having mood swings
• tiredness, aches and pains
• withdrawing from others
• worrying about not having enough money for everyday expenses
• delaying healthcare you need because of the cost

What causes financial stress?

Financial stress may be caused by many things, for example:

• losing a job or being retrenched
• being unemployed or unable to find enough work
• having debts that you can't pay
• worrying about expected financial pressures

For some people, financial stress might be a result of gambling problems.

Read more about dealing with life events.

How can I minimise the health effects of financial stress?

If financial stress affects your health or relationships, these tips may help:

• Notice your emotions — try writing down your worries to help you decide which issues to tackle first.
• Look after your health — eat a healthy, balanced diet and exercise regularly.
• Share how you're feeling — talk with supportive friends or family members you trust.
• Plan your spending — write a summary of your finances, including essential costs. You may need to limit spending for a while and focus on bills and essentials first.
• Contact your bank — your bank or financial institution may have support options.

What can I do if I lose my job?

If you lose your job, there are practical steps you can take to manage your finances and get support:

• Assess your financial situation — work out how much money you have and how long it may last. You may need to change your spending habits for a while. Try to avoid using credit cards as high interest rates and repayments can increase financial stress over time.
• Find out about your entitlements — these may depend on your circumstances. Contact Services Australia for information.
• Contact your bank or financial institution if you owe them money — you may want to discuss repayment options.
• Contact your superannuation fund — ask about the option to access your superannuation early or other benefit entitlements.

Anyone can experience financial stress, regardless of their background. Don't be afraid to ask for help — support is available.

Resources and support

Assistance with planning, budgeting and managing money:

• MoneySmart lists organisations that can help during financial hardship.
• Financial Counselling Australia offers free financial counselling. Call the National Debt Helpline on 1800 007 007.
• The Salvation Army offers free financial counselling on 1800 722 363.
• Services Australia offers information and free financial help.
• Australian Banking Association can provide information if you are in financial difficulty.

If you are feeling depressed or anxious about your situation, it's important to seek support.

• Take Beyond Blue's Money and Mental Health quiz to learn how financial stress and wellbeing are connected.
• Talk to your doctor or another health professional about how you are feeling.
• Relationships Australia offers support and counselling if financial stress is affecting your relationship.

Mental health support services include:

• Beyond Blue — call 1300 22 4636 or chat online.
• Black Dog Institute — visit the website for online mental health support.
• Lifeline — call 13 11 14 or chat online.
• Suicide Call Back Service — call 1300 659 467.

Languages other than English

Services Australia has translated financial, payment and service information plus free interpreter services in over 200 languages.

Embrace Multicultural Mental Health offers mental health resources and personal stories translated into more than 30 languages.

Communicare offers inclusive community services for migrants and multicultural communities, including support with managing finances and budgeting.

Information for Aboriginal and/or Torres Strait Islander peoples

Services Australia has financial, payment and service information in a range of Aboriginal and Torres Strait Islander languages.

WellMob Healing Our Way offers information and support services on managing stress, for Aboriginal and/or Torres Strait Islander peoples.

Mob Strong Debt Help is a free legal advice service about money matters for Aboriginal and/or Torres Strait Islander peoples from anywhere in Australia. Call 1800 808 488.

13YARN (13 92 76) has a free confidential crisis support line for Aboriginal and/or Torres Strait Islander peoples to help manage all types of stress, including money worries.

The First Nations Gambling Awareness Program has free and confidential support for Aboriginal and/or Torres Strait Islander peoples, families and communities affected by gambling.