Financial stress affects an estimated two million Australians, and the problem can often manifest itself through sleepless nights and even overspending – so how do you beat it?
Recently published research by National Australia Bank, in a report titled Financial Resilience in Australia found that around 64.3 per cent of Australian adults are facing some level of financial stress or vulnerability.
Financial stress can be problematic regardless of your level of wealth and your age.
While gender was not found to have a significant impact on financial resilience, women were found to face lower general levels of economic resources than men, and men have lower levels of social capital than women.
What’s perhaps not surprising about the research is that financial stress is lower in people who have a higher level of financial literacy, as well as those who generally earn over $100,000 a year – which is more than $20,000 more than the average Australian wage.
We asked Canna Campbell from SugarMamma.TV if she would consider doing a video on financial stress and we’re happy to say here it is – thanks Canna!
Canna says that everyone experiences some form of financial stress at some time, regardless of how rich or poor they might be.
Often the symptoms are overwhelming worry about money, causing a person to feel anxious or stressed about their financial situation. It may even be difficult to see a way out of the money problem.
Canna’s tips on overcoming financial stress include:
- Identify the cause of the stress
- Reality check. It’s important to put those money worries into perspective
- Identify what you are grateful for. This is really important to help you get perspective and create a more positive headspace.
- Solutions. It’s important to then work out a simple plan to how you might overcome your stress about your financial situation. This might include looking at a budget or debt repayment plan, or taking on a second job – whatever it might be, it’s a good opportunity to brainstorm. This might also be a time to consider getting expert advice, either paid advice or financial counselling.
- Action creates results. Once you have worked out how you might solve your money problems, it’s then time to put your solution into action.
