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General News

13 May, 2024

Data shows growing financial stress

An increasing number of locals are feeling overwhelmed due to ongoing financial stress, new data shows. As cost of living pressures continue to bite, mental health support charity Lifeline has revealed that everyday, the service receives...

By Prealene Khera

Data shows growing financial stress - feature photo

An increasing number of locals are feeling overwhelmed due to ongoing financial stress, new data shows.

As cost of living pressures continue to bite, mental health support charity Lifeline has revealed that everyday, the service receives approximately 500 calls related to financial management, employment, or housing insecurity.

According to Lifeline, people can experience increased risk of suicide over financial stress and currently, those seeking help are presenting in severe distress, with complexity of cases growing.

It is important for anyone struggling to know Lifeline is available 24/7 to provide support, Lifeline Loddon Mallee Executive Officer Lisa Renato said.

“As well as telephone and digital support, Lifeline has 43 centres across Australia — here in Loddon Mallee, we offer face-to-face crisis support and counselling to help people manage financial distress,” she said.

“What is concerning is that we know the true number of people identifying cost-of-living pressures as their primary reason for contacting Lifeline is actually significantly higher.

“This data does not take into account the 900 help seekers contacting us via our text and webchat services each day, or those reaching to our Support Toolkit or specialised helplines.

“Many have struggled to find relief and feel like their options are becoming increasingly limited.”

As per Lifeline’s website, “financial stress can become a problem if you notice that it’s having a negative effect on your mood, your thoughts are consumed by your current financial situation, or it affects how you show up on a daily basis — you just don’t feel yourself.”

Some signs of financial stress people should keep an eye out for, according to the article, are:

  • You feel overwhelmed by your financial situation and worry about it constantly.

  • You have been feeling financially stressed for a long time, and your financial situation is not improving.

  • Your financial situation has led to feelings of hopelessness and worthlessness.

  • You’ve started using unhealthy coping strategies, such as drinking or taking substances to cope with financial stress.

  • You’re avoiding your financial problems, for example, never checking your bank balance.

  • Lifeline Australia’s chief research officer, Dr Anna Brooks, said financial stressors are not isolated to those who have a mortgage, with cost-of-living increases flowing through to generate higher rental costs and other economic pressures.

    “Financial stress and uncertainty can contribute to mental ill health,” she said.

    “There is also a robust and growing body of evidence to suggest that people can experience increased risk of suicide when facing these challenges.”

    If you, or someone you know is feeling overwhelmed, you can connect with Lifeline in the way you feel most comfortable.

    You can phone Lifeline to speak to a Crisis Supporter on 13 11 14, text 0477 131 114, chat to Lifeline online or access the Support Toolkit to self-manage what you’re going through at www.lifeline.org.au (all services are available 24/7).

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