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.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.