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Ramsay Psychology Clinical Psychologist, Molly Robbins, said 15 per cent of Australians aged 16 and over have experienced high or very high levels of psychological distress in recent years. 

“Financial issues have been more widespread recently due to changing world events including the COVID-19 pandemic. Experiencing cash-flow issues, being in debt or feeling worried about providing for yourself or your family can cause or contribute to psychological stress,” Ms Robbins said.  

“People experiencing financial stress are significantly more likely to experience mental health problems with almost half of people in problem debt also found to suffer a mental health problem.

“And while it’s certainly true that vulnerable groups can be more significantly impacted by increased costs of living, the reality is that financial stress can be experienced by anyone. 

“Most people have financial commitments whether it be rent, mortgages, utilities, personal loan repayments, health expenses, and credit cards and any increase in costs can lead to financial strain.”

Ms Robbins said if not managed carefully, financial stress can lead to chronic psychological stress and result in issues including relationship breakdowns, problems with work performance, increased use of substances like alcohol, smoking or caffeine, reduction in healthy eating, physical activity and self-care and can lead to clinical depression or anxiety disorders. 

“Generally, there is a sense of stress and helplessness, overt or subtle, that a lot of individuals have been feeling over this past couple of years, with no clear end in sight,” she said. 

“If financial pressures have you feeling out of control however, there are ways of getting help and this is an important step in managing financial stress and preventing the development of ongoing psychological stress.

“Financial stress, put simply, is an imbalance between incoming funds and outgoing expenses. In reality, financial stress often leads to strong emotional responses so strategies to manage it need to address both financial and emotional problems.

“Learning how to deal with stressful events and manage stress responses is an important step to ensure mental and physical wellbeing, relationship stability, and an overall quality of life.  

“If you notice any signs of financial or psychological stress, you’re best to seek support from professionals regarding your financial situation and health professionals, like your GP, who may recommend a referral to a psychologist.”

Ms Robbins says signs of stress to watch out for include:

Physical signs of stress in our body include headaches, muscle soreness in the chest, neck, shoulders and back, upset tummy or changes to digestion, teeth grinding or jaw tightness, not able to relax, breathing changes (like fast breathing, needing to take deep breaths to get enough oxygen), lower sex drive, light headedness and restlessness.

Mental signs include less concentration (such as not able to read whole book), worry or constant thoughts about bills, jumbled thoughts or the mind goes blank, impatience, forgetfulness, imagining worst case scenario (‘we’re going to lose our house’), pessimistic thinking (‘glass is half empty’), guilt about spending, racing thoughts (e.g. can’t switch mind off).

Behavioural signs include more snappy or argumentative with loved ones, drinking or smoking more, changes to diet (e.g. eating less or more, increased comfort food), hyper-focussed or excessive activity (like working longer hours, increased gambling, overuse of exercise or devices, too many projects), avoidance or reduced engagement (e.g. more sick days or absenteeism, neglecting housework and chores (e.g. not paying bills, avoid opening mail), social withdrawal, and less attention to appearance and hygiene.  

Ms Robbins tips to help manage financial stress: 

Ramsay Psychology is Australia's fastest growing and most expansive national psychology business. 

Head of Ramsay Psychology, David McGrath, said there are plans to establish 30 new Ramsay Psychology practices around Australia within the next two years to support access to mental health services in the community.

“Most of our practices are opening in and around Ramsay’s current acute hospital services which allows for continuity of support and improved long-term outcomes for patients via early intervention and post-acute care. Our community practices can provide care for all mental health concerns including those associated with mood, anxiety, substance misuse, eating disorders and PTSD. Our practices can also provide psychometric testing for cognitive impairment, attention deficit disorder and other behavioural disorders.”