Financial stress causing substance abuse
Australians are overwhelmingly facing mental health issues, substance abuse and work related stress from financial pressures, according to a mobile investment platform.
Acorns Grow Australia found that a third of Australians (32 per cent) aged between 25 and 44 had abused alcohol, while 20 per cent turned to illicit substances to deal with financial stress.
The firm surveyed 1,000 Australians and found that 70 per cent of respondents experienced depression and anxiety from money worries, while a further 54 per cent reported physical health problems, while the majority (76 per cent) had trouble sleeping.
Managing director, George Lucas, said: "These findings should act as a wake-up call for individuals, our political leaders and mental health organisations".
They should consider the potential health issues associated with Australians' lack of financial knowledge, he said.
"We need to ensure we have the necessary frameworks in place to help those facing financial difficulties [so they can] access support and advice to get their finances under control", Lucas said.
Financial stress also took its toll at work and home, as 52 per cent of respondents said it caused major relationship problems, while 49 per cent said it impacted their work performance.
Women were also more likely to suffer sleepless nights, depression or anxiety and illness or health issues, while men were more likely to experience issues at work, excessive drinking and abused drugs.
"Many of the pressures and health issues Australians faced could be avoided if we encourage people to honestly assess their financial situation. Financial fitness should become part of our overall wellbeing", Lucas said.
Recommended for you
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.
