A significant portion of Australians are prone to mental health and substance abuse issues as a result of financial pressures, according to research from micro investment company Acorns.
An Acorns survey of 1000 Australians found that 32 per cent of Australians aged 25 to 44 have abused alcohol due to financial stress, while 20 per cent have turned to drugs and illicit substances.
It found 70 per cent of respondents have experienced depression and anxiety due to money worries, with a further 54 per cent reporting physical health problems and 76 per cent having difficulty sleeping, the survey said
Three quarters of respondents also said they felt stressed about their current financial situation, with 25 per cent rating their stress level as severe, and 40 per cent admitting to experiencing financial stress regularly.
Acorns managing director George Lucas said the report highlights the urgent need for financial fitness to be considered as part of overall wellbeing, much like eating well or regular exercise.
“The research suggests that many of the pressures and health issues Australians face can be avoided if we can encourage people to honestly assess their financial situation,” Mr Lucas said.
“Financial fitness should become a part of overall wellbeing.
“Taking control of your finances can seem intimidating, but even small steps taken now can reap financial and health benefits in the long term.”
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 19 Oct 2018Life insurer fires 50, kills outbound sales businessBy James Mitchell
- 19 Oct 2018Strategic plan for AFCA releasedBy Eliot Hastie
- 18 Oct 2018Clique Paraplanning launches practice portalBy Reporter
- 18 Oct 2018Challenger announces new Netwealth dealBy James Mitchell
- 18 Oct 2018Aussies say royal commission won’t change their view of adviceBy James Mitchell
- 18 Oct 2018Hire younger advisers to get younger clients, paper suggestsBy Adrian Flores
- view all