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
With only one month to go until the end of the financial year, are current adviser numbers on track to report a gain for 2024–25?
A record proportion of women have been appointed to ASX 200 boards in the March quarter, according to the latest Financy Women's Index.
Sydney wealth management firm Altus Financial has appointed a head of risk as the business strengthens its provision of risk advice.
A panel of ESG experts are urging advisers to lean on specialists to stay informed in a time of widespread misinformation and consider if they are right adviser to deal with clients’ ESG concerns.
