Financial crisis hits men's health
The recession is undermining more than personal wealth, it is also impacting men’s health.
That is the bottom line assessment of IBISWorld general manager Robert Bryant, who believes the stresses generated by the global financial crisis have combined with a higher prevalence of heart disease, mental health and obesity issues to impact Australian men.
“The leading cause of death in men is coronary heart disease, and excessive stress levels are a significant contributing factor,” he said. “Rising unemployment means many people are working longer hours to impress their bosses and opting out of taking annual leave amid concerns their job may not be there when they return.”
Bryant said this was particularly common among men whose self-worth was closely tied to their career and ability to provide for their family.
“While burning the midnight oil at their desks may help them hold onto their jobs, long hours and not enough time off have been linked to major health problems such as heart attack and cardiovascular disease, obesity, alcoholism, anxiety and depression,” he said.
Bryant said growing fears about unemployment could also cause more men to skip doctor appointments or preventive health checks for fear of taking unnecessary time off work and to eat unhealthy foods because they are working late or under pressure to try and save money.
“Put it all together and the picture is not pretty,” he said.
“As for younger Australian men, IBISWorld predicts that weaker employment prospects and job insecurity will see more and more men living with their parents for longer.”
AUTHOR
Mike Taylor
Recommended for you
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
