Toolkit helps Australians manage money, support mental health

WITH the festive season in full swing and cost-of-living pressures continuing to affect households across the country, Beyond Blue and Financial Counselling Australia have launched a new free resource to help people manage their finances and look after their mental health.

The Money and Mental Health Toolkit includes practical tips for managing thoughts and emotions, budgeting, having conversations with banks or utility companies and finding the right support when you need it.

Its launch comes as demand for financial support via the National Debt Helpline phone service remains high, with almost 170,000 calls and chats in the 12 months to the end of October.

Recent results from Beyond Blue’s Australia’s Mental Health and Wellbeing Check found financial pressure was the leading cause of distress for nearly half (46 per cent) of all respondents.

Beyond Blue chief executive, Georgie Harman, said the festive season could be a particularly challenging time for many people, when financial and emotional pressures often intensified.

“There are so many expectations around this season and that can bring added pressure, especially when money is tight,” she said.

“Financial stress and mental health are closely connected.

“Financial stress can affect how people feel, think and act. It can lead to sleep issues, relationship strain and a sense of hopelessness. But it also works the other way – when someone’s mental health is impacted, it becomes harder to manage money, make decisions or seek support. It’s a two-way relationship.”

Financial Counselling Australia chief executive, Dr Domenique Meyrick, said the toolkit was a timely and practical resource for people who may be feeling overwhelmed.

“Financial stress can be isolating. People often feel ashamed or unsure about where to turn,” she said.

“The toolkit offers a starting point – it’s about helping people take small steps, reflect on their situation and feel more confident reaching out for support.

“Silence and avoidance are common reactions to financial stress, but they can make things feel even more overwhelming. Financial counselling through the National Debt Helpline is free and confidential, and it can make a real difference. We want people to know they’re not alone and that support is available.”

Ms Harman encouraged those experiencing distress not to wait.

“We talk a lot about downward spirals, but upward spirals are possible too. Small steps in the right direction can lead to big changes over time,” she said.

“You don’t have to wait until things feel unmanageable. Taking that first step can help you feel more in control, whether it’s visiting our website and downloading the Money and Mental Health Toolkit, or calling the Beyond Blue Support Service or the National Debt Helpline.”

For more information, head to beyondblue.org.au/mental-health/financial-wellbeing