Financial stress causing aggression
Australians are distressed and acting aggressively to others due to financial stress caused by the COVID-19 pandemic, according to a report.
The Financial Mindfulness Financial Stress Index (FSI) report had tracked financial stress over the last 12 months and found that an estimated 2.29 million Australians were experiencing levels on financial stress that reduced their wellbeing.
It also had an economic effect as the lost productivity cost Australian businesses $32.1 billion per annum.
The report found 77% were distracted by financial concerns, 69% said financial stress had negatively impacted their relationships and 50% could not meet all their weekly expenses.
Dr Nicola Gates, consultant clinical neuropsychologist at Financial Mindfulness, said: “A worrying result has been the significant escalation of people always acting aggressively towards others and the negative impact on relationships in general.”
Andrew Fleming, Financial Mindfulness founder and chief executive, said financial stress was a significant problem before the COVID-19 pandemic, but the report showed the increased damage it was having on individuals and work productivity.
“It is staggering to see how much financial stress is impacting mental and physical health, relationships and work,” Fleming said.
AUTHOR
Chris Dastoor
Recommended for you
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
Estimates for the calendar year 2024 put the advice industry on track for a loss in adviser numbers as exits offset gains from new entrants.
Adviser Ratings shares five ways that financial advice changed in 2024 with an optimistic outlook for 2025, thanks to the Delivering Better Financial Outcomes legislation.
National advice firm Invest Blue has announced several acquisitions, including the purchase of an estate planning and wealth protection business Lambert Group.
