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



Storms are coming! What it means for your long weekend

Yes, it's going to affect your long weekend

REVEALED: Meteorite chasers in hunt for 'fragments' in Agnes

A meteorite may have been spotted crashing to earth this evening.

Reports that part of the object could have landed in Agnes bushland

Gladstone hairdresser drops 60kg for big day

Bridie Immoos and Michael Ritchie wed at Agnes Water on September 24.

Bride sheds 60kg ahead of big wedding day.

Local Partners

Channel 9 orders second season of Doctor Doctor

Rodger Corser stars in the TV series Doctor Doctor.

RURAL medical drama finds a loyal following.

Katy Perry gets naked to encourage people to vote

Katy Perry in Funny Or Die sketch

Katy Perry has stripped naked for a comedy video

Jogging Tom Hanks crashes wedding in Central Park

Tom Hanks stopped for a selfie with this bride and groom

MOVIE REVIEW: Storks delivers family fun

A scene from the movie Storks.

ANIMATION can be hit or miss but when it hits, it hits hard.

Nick 'the snake' to call the shots on Survivor jury

Australian Survivor contestant Nick Iadanza.

LATEST evictee is out of the game but will still have a say.

Naomi Watts and Liev Schreiber split

Naomi Watts and Liev Schreiber

Naomi Watts and Liev Schreiber have split after 11 years together.

$40million hotel, shops development project for Mackay

Mt Pleasant hotel and retirement accommodation, proposed at 194-202 Malcomson St.

$40m development to take Mackay to 'the next level'

'Flex muscles': Gladstone suburb drops $120K

BUYERS are scooping unprecedented deals by “flexing their muscles at the table”

Few bright lights for property after mining downturn

The Gladstone Regional Council wants associated LNG companies like Bechtel to be apart of the EIS housing accommodation strategy from the outset of the projects and not mid-way through.

Tannum Sands continues to write its own property success story

Property 200m from ocean selling for just over $100K

BEACHCOMBER PARK: Work has started on a new $19.2 million development at Toogoom.

The estate's developer is offering huge discounts for early buyers.

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'

Market opens as Gladstone sellers drop prices to force sale

VENDORS are dropping the price on houses to force a sale.