Mental Health and Financial Wellbeing
Oct 18, 2023
October is Mental Health Month, an opportunity to raise awareness around mental health and wellbeing.
You might have heard that regular exercise, quality sleep and a healthy diet can help improve mental health. But what about the link between financial wellbeing and mental health?
For many, thinking about their finances, both now and into retirement, can be stressful.
A report by Beyond Blue and ASIC found 14% of Australian adults experienced both financial hardship and mental health symptoms, with people experiencing financial challenges twice as likely to be experiencing mental health challenges, when compared to those not experiencing financial challenges1.
A better understanding of financial literacy can be a positive step in reducing the stress around money, both in your working life and retirement.
Talking about mental health is good for business
Greater awareness of mental health issues can play an important role in the lives of colleagues and co-workers.
The last few years of working from home have helped to decrease the stigma around mental health in the workplace, with work and home lives often becoming intertwined.
Organisations like RUOK? are also partnering with workplaces to empower people to meaningfully connect and lend support to those going through difficult times.
Confidence in retirement
The Retirement Confidence Index is an annual study between AustralianSuper and Monash University investigating how Australians feel about retirement.
It found that your financial position is just one part of the puzzle. Good mental and physical health, social connections and setting goals are also key factors2 in feeling good about retirement.
Reducing financial anxiety can play a part in managing mental health, helping you feel better about your retirement journey.
For a range of topics related to managing your money visit: australiansuper.money101.com.au
1Beyond Blue, ‘Money and mental health - Social research report – executive summary AUGUST 2022’
2 https://www.australiansuper.com/-/media/australian-super/files/about-us/other-reports/retirement-confidence-report.pdf
page 3 ‘Achieving confidence in retirement is about balance’
This information may be general financial advice which doesn’t take into account your personal objectives, financial situation or needs. Before making a decision about AustralianSuper, you should think about your financial requirements and refer to the relevant Product Disclosure Statement available at australiansuper.com/pds or by calling 1300 300 273. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the TMDs at australiansuper.com/tmd.
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