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Feeling the brunt: Financial issues affecting Australians physically and mentally
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Feeling the brunt: Financial issues affecting Australians physically and mentally
Financial worries are having a marked impact on the mental and physical wellbeing of Australians regardless of their actual financial situation, a new report has revealed.
Feeling the brunt: Financial issues affecting Australians physically and mentally
Financial worries are having a marked impact on the mental and physical wellbeing of Australians regardless of their actual financial situation, a new report has revealed.
Fidelity International has released a report, titled The Value of Advice, and found that more than 65 per cent of Australians worry about money at least monthly.
Almost one in four indicated that they worry about their financial situation every day.
Such concerns are not confined to lower socioeconomic circumstances either, with the report revealing that nearly four in 10 Australians with at least $1 million of investible assets worry about finances at least monthly.
More than 2,000 individuals were surveyed for the research, which also highlighted the impact that worries about money have had on health.
For more than half of Australians (52.8 per cent), financial issues had impacted their mental health.
A similar figure indicated financial issues had placed a negative strain on relationships with family and friends (48 per cent).
A further 37.4 per cent went on to also note that financial issues had adversely affected their physical health.
For Fidelity International’s Australian managing director, Alva Devoy, it is clear there is a strong link between financial security and overall wellbeing.
The kind of mental stress that financial issues are placing on Australians “has a direct impact on health and happiness”.
Ms Devoy considered it surprising that “many people don’t ‘join the dots’ and realise that addressing financial issues is a step towards improving overall wellbeing”.
The report also found that despite financial issues having such flow-on health effects, “many aren’t seeking professional help in the way they would access other services to support their overall wellbeing”.
“More than three-quarters (77.3 per cent) of Australians have seen their GP to address personal wellbeing issues, and more than a third (35 per cent) have been to see a mental health professional for the same reason,” the report said.
Just 24.4 per cent indicated they had seen a financial planner to address financial worries.
The new research comes after it was revealed that more than half of Australian seniors are worried they’ll outlive their savings and investments.
That report, from National Seniors Australia, also found a correlation between having a reliable source of income that would last for life as a key factor for worrying less.
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