Business

Survey links financial pressure and turning to substances

One in five (20 per cent) have turned to drugs and illicit substances
One in five (20 per cent) have turned to drugs and illicit substances
  • Almost a third of Australians aged 25-44 say financial stress leads to excessive drinking
  • One in five have taken drugs and illicit substances to cope with financial pressures
  • 70 per cent experience depression or anxiety due to money worries
  • Financial stress more likely to cause issues in health for women, and in work for men

AUSTRALIANS are overwhelmingly facing mental health and substance abuse issues because of financial pressures. 

The report, released by Acorns, shows that nearly one third (32 per cent) of Australians aged 25 - 44 have abused alcohol due to financial stress, while one in five (20 per cent) have turned to drugs and illicit substances.

The Acorns survey of over 1,000 Australians from around the country found that 70 per cent of respondents have experienced depression and anxiety due to money worries.

A further 54 per cent reporting physical health problems and 76 per cent having difficulty sleeping.

Supplied

Managing director of Acorns Grow Australia, George Lucas, said the report highlights the urgent need for financial fitness to be considered as part of overall wellbeing, just like eating well or regular exercise.

"These findings should act as a wake-up call for individuals, our political leaders and mental health organisations to consider the potential health issues associated with a lack of financial know-how.  Financial literacy is an important part of a healthy nation.

"Mental health issues and their causes are often a taboo topic, even in an open country such as Australia. To navigate this challenge, we need to ensure we have the necessary frameworks in place to help those facing financial difficulties to access support and advice to get their finances under control," said Lucas.

Supplied

Almost three quarters (73 per cent) said they feel stressed about their current financial situation, with 25 per cent rating their stress level as severe.

40 per cent admitted to experiencing financial stress regularly.

Financial stress also takes a toll at home and work, with 52 per cent of respondents citing it as a cause of major relationship problems, and 49 per cent saying it impacts their work performance. 

The report also reveals that men and women react to financial pressure in different ways.

Supplied

Financial pressure is more likely to have a detrimental effect on women's mental and physical health, while males are more likely to experience problems at work or deal with stress through escapism, turning to alcohol or substances as a coping mechanism.

When under financial stress, women are more likely to experience:

  • Sleepless nights (47 per cent)
  • Depression or anxiety (44 per cent)
  • Illness or health issues (32 per cent)

While men are more likely to experience:

  • Issues at work (25 per cent)
  • Excessive drinking (19 per cent)
  • Drug use or illicit substances (15 per cent)
Supplied

"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.  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," Lucas added.

Supplied

Topics:  acorns, alcohol, drugs, financial pressures, substance abuse, survey


Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

It's time to get your shorts on the big screen

ANIMATED: Citizen To Activist, an animation by David Lowe and Eve Jeffrey, won the Jury Award for best Short Film at Flickerfest 2015 - Byron AllShorts.

Entries for Flickerfest 2017 and Byron All Shorts are now open

MS sufferer pins hopes on Russian stem cell treatment

Barry and Sue Potts are fundraising to pay for her $50,000 treatment for MS.

Couple fundraising for what's hoped will be a life-changing event

These local movies will shine at 10th Byron Film Festival

LOCAL STORIES: One of the films featured this year is The Bentley Effect, a documentary about the Bentley Blockade.

THIS year marks a milestone for the Byron Bay Film Festival

Local Partners

Our young Attenborough scoops documentary awards

"I THINK the most difficult thing for us was filming one of Australia's most critically endangered animals".

EDITORIAL: Swamped by ignorance, Spandex and invisible money

THE SWAMP: A brand new unit of measurement.

THIS week we are talking money and measurement and spandex.

It's time to get your shorts on the big screen

ANIMATED: Citizen To Activist, an animation by David Lowe and Eve Jeffrey, won the Jury Award for best Short Film at Flickerfest 2015 - Byron AllShorts.

Entries for Flickerfest 2017 and Byron All Shorts are now open

MS sufferer pins hopes on Russian stem cell treatment

Barry and Sue Potts are fundraising to pay for her $50,000 treatment for MS.

Couple fundraising for what's hoped will be a life-changing event

These local movies will shine at 10th Byron Film Festival

LOCAL STORIES: One of the films featured this year is The Bentley Effect, a documentary about the Bentley Blockade.

THIS year marks a milestone for the Byron Bay Film Festival

Graceful Russian ballerinas will perform Swan Lake

ON STAGE: The Russian National Ballet Theatre brings their production of Swan Lake, the full length classical performance.

The Russian National Ballet Theatre is coming soon

Mary J Blige joins Bluesfest 2017 line up

STAR: Mary Jane Blige is an American singer, songwriter, model, record producer and actress.

The R'n'B superstar is also on prime time TV from this week

Footy and cricket careers calling

HIGH ACHIEVER: Jordan Diehm on track for cricket and AFL success.

Jordan Diehm is trialling for both women's Cricket and AFL teams.

Burns Point: The blessings of filming a movie in Ballina

DRAMA: Actors Ron Kelly, John McNeill and Brad McMurray on a scene of Burns Point, filmed near Ballina.

Chris Blackburn talks about his feature film Burns Point

Bonus point gets Dan and Carleen over the line on The Block

Dan and Carleen in their winning living and dining rooms in a scene from The Block.

BABY boomers win living and dining week as show hits halfway mark.

Olivia Wilde having a girl

Olivia Wilde revealed she is expecting a baby girl.

Michael Palin: Terry Jones dementia is 'painful' to see

Michael Palin has found Terry Jones' decline "painful to watch"

Daniel Radcliffe hoped for haircut anonymity

Radcliffe thought shaving his head would make him more anonymous

Jim Carrey slams 'shameful greed' of lawsuit

Jim Carrey has slammed the "shameful greed" of White's ex-husband.

'Highly unlikely' Brad Pitt will face prosecution

It is highly unlikely that Brad Pitt will be prosecuted

UPDATE: Former rodeo champ's sale rained out, now back on

Larkhill local Ken Consiglio is having an auction of most of the things on his property.

'People kept showing up and we had to turn them away'

Couple build their own 'tiny house' for $45k

Holly Bowen and Oli Bucher built their "tiny house" themselves, only hiring a plumber and an electrician. Photo/supplied

The house, which is built on a trailer and can be towed.

Sunshine Beach property breaks real estate record

The property overlooks Sunshine Beach, as the backyard lawn meets the sand.

Sunshine Beach mansion sale smashes real estate record

SOLD: Historic hotel finds new owner

Post Office Hotel Grafton

Photo Adam Hourigan / The Daily Examiner

Pub in new hands and heading in a brand new direction

Peppers Airlie Beach put on the market

ON THE MARKET: Peppers Airlie Beach is being for recievership sale by CBRE Hotels and PRD Nationwide Airlie Beach.

Peppers Airlie Beach is being offered for sale.

3500 jobs on the way with new $950 million resort

Residential, tourist, community, and open space on Hummock Hill Island.

PROPERTY developers plan to begin construction next year.