TRANSCRIPT
The rising cost of living is severely affecting the mental health of Australians.
In a new community survey of 1,000 people, commissioned by mental health support service Beyond Blue, 83 per cent of people reported the rising cost of living to have a negative impact on their mental health.
The research reveals one in five people say this impact is extreme.
Beyond Blue's Clinical Spokesperson, Dr Grant Blashki, says the research comes at a time when there is likely to be increased demand for support, with the holiday season compounding financial stress for many.
"Last December, we saw a 41% increase in contacts to Beyond Blue. And so we're all on hands on deck and we can handle that increase. But what happens with a lot of people is the stress has built up over the year and then they sort of overflow as we get to the end of the year."
With this increased need in mind, Beyond Blue has launched a new Wellbeing Action Tool to help people identify ways to manage stress and mental wellbeing.
The organisation's research shows for those living with mental health conditions, holiday periods can be especially stressful.
Jodie is a nurse who lives with anxiety disorders, including PTSD.
She says the negative impact of financial stress on her own mental health is noticeable.
"At the end of the year and those financial pressures definitely mean I have a lot more, I would say a lot more triggers. And I noticed that a lot more internal negative dialogue because I might, I'm feeling a lot more stressed if I haven't put certain tools into place to manage that."
She says during this period, increased living costs make it difficult to prioritise mental wellbeing.
"I have to be very mindful of how I manage things and especially as a nurse I find that I want to pick up overtime work to be able to afford it but then I find that I come out - there's a loop or I start to spiral, picking up overtime work - and then my mental health starts to worsen and if I'm not careful and aware of managing those symptoms."
Megan has lived experience of depression, PTSD and anxiety disorders including agoraphobia.
Financial pressure can be one of many factors making this time of year a challenging one.
"I think there's an extra layer - not just financials and family but just the loneliness aspect, if you don't have the family or the partner or the kids if you're a certain age- which is me - and also the social pressure."
The Reserve Bank's decision to pause cash-rate increases has offered relief for some.
However, Dr Blashki says Beyond Blue's research shows many are concerned about continuing economic uncertainty.
"Cost of living, as we know, high inflation and rate rises and economic uncertainty - and what I see as a GP for people is when the bills just keep coming in, it's sort of like riding against the wind. You're sort of pushing really hard and you just can't get on top of things. And I think this gets amplified by this Christmas festive season, which is a mixed bag of good times and stresses."
Kristen Hartnett is National Manager of Moneycare Financial Services at the Salvation Army.
She says her experience providing financial support has made salient the considerable impacts of economic stress.
"We can demonstrate the link between financial stress that people feel and its impact on their mental health. And we ask people six questions about their mental health when they connect with us around feeling hopeless, fidgety, depressed that nothing could cheer them up, that everything was an effort, feeling worthless or feeling nervous. And so we know that people when they connect with us, 30% of people that connect with us actually score that they have a serious probable mental health illness."
A separate study by Suicide Prevention Australia reveals the serious impact financial stress is having on the mental wellbeing of one key at-risk group.
New data gathered by the organisation finds middle-aged workers on middle-incomes are far more likely to experience debt distress, compared to retirees on similar incomes.
The study shows more than half of Australia’s workers on middle-incomes reported elevated distress due to cost-of-living and personal debt in the December 2023 quarter, compared to 42% this time last year.
Suicide Prevention Australia CEO Nieves Murray says these figures are cause for concern.
"Every generation has different pinch points. What we are seeing, however, is that the most productive in our community, that middle age group, many of whom will have mortgages, are the ones that are feeling that distress most with that we've seen an increase threefold in distress levels over the last 12 months in that group specifically. So this is a very clear message that the most productive in our community are in fact those that are feeling that distress the most."
The research also shows suicidal behaviours to be six-times higher for middle-aged workers on middle-wages than it is for middle-income retirees.
Ms Murray says the research has led Suicide Prevention Australia to urgently call for government, banks and business to increase official messages of hope and help-seeking.
"Economic decisions and economic factors have a real human impact and it's important that people reach out for help early that they reach out as soon as they're feeling the pinch rather than wait till things are too late."
She says legislative change around suicide prevention should also be high on the government's agenda.
"We also know that the government can step in here. It's not just about the Reserve Bank and interest rates - the government can do has more levers that they can pull. One of the things that we've seen work very well internationally is a Suicide Prevention Act. We've seen that introduced in South Australia. We're seeing that being explored in other states in Australia. And we've seen international examples where, as an example in Japan when that was introduced over a period of 16 years, suicide rates were reduced by 40%."
Along with calling for legislative change and government action, support organisations are spreading word that help is always available for those who are struggling with financial stress.
Individuals who have struggled with economic or other stresses are also speaking up, providing important messages of hope.
Jodie says for her, while the impulse is to withdraw from others when she is struggling with economic stress, reaching out for support is key.
"Taking that first step to recognise and say, Okay, I know you want to spend time on your own at the moment and you don't want to be with anyone. But what is the one thing that you can do right now to bring yourself back to the present moment and be with or speak to someone?"
Megan says she has learnt to be forgiving of herself.
"Understanding that, okay, if it doesn't go as planned, it's okay, bring your way through it, you're gonna get through, it passes. It will be okay. If you've had, you know, an emotional response or you're not doing well if you had a panic attack or whatever it might be. But ideally, yeah, I try and plan for it. Now I know that it's a stressful time of year for me."
Listeners seeking mental health support can contact Lifeline on 13 11 14, Beyond Blue on 1300 224 636 or 13YARN on 13 92 76. And Beyond Blue's Wellbeing Action Tool is available for free at
