The Money-go Round

There’s No Time Like the Present to Get Your Health Under Control, Says Sarah Marinos – and That Includes Your Financial Health

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Many people are finding it increasingly difficult to juggle their dollars and cents, mostly due to the rising cost of living. Credit card debt is adding to financial stresses and strains with the Australian Securities & Investments Commission finding one in six people with a credit card are in a “debt trap”. Australians owe at least $45 billion on their cards.

The Centre for Social Impact and NAB have also highlighted how many of us are losing our “financial resilience” – the ability to draw on adequate finances and support when an unexpected expense occurs. The CSI report last year found one in eight people experienced severe or high financial stress in the past 12 months and found 14 percent have no savings.

“Finance is critical. Even if you’re not driven by money, it determines where you live and the choices you’re able to make,” says Professor Kristy Muir of the Centre for Social Impact.

“Australia has enjoyed economic growth for the past two decades. Yet that’s in stark contrast to the experiences of many people because financial stress and vulnerability is on the rise. More people are finding it harder to pay the bills.”

The Financial Stress Index by CoreData found more than 66 percent of financially worried Australians think money stresses cause anxiety or depression. More than 60 percent of people surveyed said financial stress was having a negative impact on their physical health, and threequarters said money issues were causing family arguments.

»Fresh start

Any time is a good time to take a closer look at your financial health. Helen Baker, a qualified financial advisor and author of a guide to financially surviving divorce, knows what it’s like to summon up the courage to take a good hard look at your finances and start again after her four-year marriage abruptly ended when she was in her twenties.