Money, as The Beatles famously sang, can’t buy me love, but not having a handle on your finances will almost guarantee plenty of worry, stress, and concern, especially around Christmas each year.
To help people get a handle on their economic future in these straitened times, mental health service Beyond Blue recently launched a new booklet, ‘The Money and Mental Health Toolkit’.
With the festive season approaching and cost-of-living pressures continuing to impact households they — with input from online support service Financial Counselling Australia — developed the brochure to help people manage their spending to help look after their mental health this Yuletide.
The booklet includes practical tips for managing thoughts and emotions, budgeting, having conversations with banks or utility companies, and finding the right support when you need it.
The festive season can be a particularly challenging time for many people when financial and emotional pressures often intensify due to financial demands and added expenses, Beyond Blue CEO Georgie Harman AO said.
“There are so many expectations around this season and that can bring added pressure, especially when money is tight,” Ms Harman revealed.
“Financial stress and mental health are closely connected; financial stress can affect how people feel, think and act, it can lead to sleep issues, relationship strain, and a sense of hopelessness,” she added.
Recent results from Beyond Blue’s Australia’s Mental Health and Wellbeing Check found financial pressure was the leading cause of distress for nearly half (46 per cent) of all respondents.
“But it also works the other way, when someone’s mental health is impacted, it becomes harder to manage money, make decisions, or seek support,” Ms Harman said. “It’s a two-way relationship,” she concluded.
The toolkit, therefore, was a timely and practical resource for people who may be feeling overwhelmed, Financial Counselling Australia CEO Dr Domenique Meyrick said.
“Financial stress can be isolating; people often feel ashamed or unsure about where to turn,” Dr Meyrick explained.
“Silence and avoidance are common reactions to financial stress, but they can make things feel even more overwhelming… the toolkit offers a starting point, it’s about helping people take small steps, reflect on their situation, and feel more confident reaching out for support,” she concluded.
