Business

Survey links financial pressure and turning to substances

One in five (20 per cent) have turned to drugs and illicit substances
One in five (20 per cent) have turned to drugs and illicit substances
  • Almost a third of Australians aged 25-44 say financial stress leads to excessive drinking
  • One in five have taken drugs and illicit substances to cope with financial pressures
  • 70 per cent experience depression or anxiety due to money worries
  • Financial stress more likely to cause issues in health for women, and in work for men

AUSTRALIANS are overwhelmingly facing mental health and substance abuse issues because of financial pressures. 

The report, released by Acorns, shows that nearly one third (32 per cent) of Australians aged 25 - 44 have abused alcohol due to financial stress, while one in five (20 per cent) have turned to drugs and illicit substances.

The Acorns survey of over 1,000 Australians from around the country found that 70 per cent of respondents have experienced depression and anxiety due to money worries.

A further 54 per cent reporting physical health problems and 76 per cent having difficulty sleeping.

Supplied

Managing director of Acorns Grow Australia, George Lucas, said the report highlights the urgent need for financial fitness to be considered as part of overall wellbeing, just like eating well or regular exercise.

"These findings should act as a wake-up call for individuals, our political leaders and mental health organisations to consider the potential health issues associated with a lack of financial know-how.  Financial literacy is an important part of a healthy nation.

"Mental health issues and their causes are often a taboo topic, even in an open country such as Australia. To navigate this challenge, we need to ensure we have the necessary frameworks in place to help those facing financial difficulties to access support and advice to get their finances under control," said Lucas.

Supplied

Almost three quarters (73 per cent) said they feel stressed about their current financial situation, with 25 per cent rating their stress level as severe.

40 per cent admitted to experiencing financial stress regularly.

Financial stress also takes a toll at home and work, with 52 per cent of respondents citing it as a cause of major relationship problems, and 49 per cent saying it impacts their work performance. 

The report also reveals that men and women react to financial pressure in different ways.

Supplied

Financial pressure is more likely to have a detrimental effect on women's mental and physical health, while males are more likely to experience problems at work or deal with stress through escapism, turning to alcohol or substances as a coping mechanism.

When under financial stress, women are more likely to experience:

  • Sleepless nights (47 per cent)
  • Depression or anxiety (44 per cent)
  • Illness or health issues (32 per cent)

While men are more likely to experience:

  • Issues at work (25 per cent)
  • Excessive drinking (19 per cent)
  • Drug use or illicit substances (15 per cent)
Supplied

"The research suggests that many of the pressures and health issues Australians face can be avoided if we can encourage people to honestly assess their financial situation.  Financial fitness should become a part of overall wellbeing.

"Taking control of your finances can seem intimidating, but even small steps taken now can reap financial and health benefits in the long term," Lucas added.

Supplied

Topics:  acorns, alcohol, drugs, financial pressures, substance abuse, survey


Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Ipswich pensioner wins $260K on scratchie

BIG WIN: A woman purchased a ticket at a Goodna newsagency and is now $260K richer.

Found out while waiting in the doctor's surgery

REVEALED: Queensland's fuel theft hotspots

The number of petrol theft cases in Queensland is on the increase

Firm told to apologise, pay back $16K to Korean backpackers

Boonah Packing Pty Ltd supplied labour to one of Australia's leading carrot producers, Scott Moffat & Co, trading as Moffatt Fresh Produce who supply carrots to major supermarket chains like Woolworths and Aldi.

Boonah business caught ripping off foreign workers

Local Partners

Storms are coming! What it means for your long weekend

A SPRAWLING weather system is heading for southern Australia, with it being dubbed the worst storm in decades, and Queensland will not be immune.

Flights resume as Bali ash cloud clears

Tourists are finding themselves caught in Bali, or unable to fly, after a volcanic ash cloud developed over the Indonesian island.

Jetstar was forced to cancel seven flights on Tuesday

Ipswich pensioner wins $260K on scratchie

BIG WIN: A woman purchased a ticket at a Goodna newsagency and is now $260K richer.

Found out while waiting in the doctor's surgery

REVEALED: Queensland's fuel theft hotspots

The number of petrol theft cases in Queensland is on the increase

Firm told to apologise, pay back $16K to Korean backpackers

Boonah Packing Pty Ltd supplied labour to one of Australia's leading carrot producers, Scott Moffat & Co, trading as Moffatt Fresh Produce who supply carrots to major supermarket chains like Woolworths and Aldi.

Boonah business caught ripping off foreign workers

OPINION: God Save America from Trump

Republican presidential candidate Donald Trump speaks during a campaign rally, Wednesday, Aug. 10, 2016, in Abingdon, Va. (AP Photo/Evan Vucci)

How can America ever vote for Donald Trump as president?

YOUR SAY: Burnout boy divides opinion on Facebook

Riley Dobson does a burnout at the property of his family in Thagoona.

VIDEO creates polarising opinions with readers.

Backpacker tax scrapped as changes bite on farmers

Rob Bauer of Bauer's Organic Farm. The farm has launched a paddock-to-plate online shop. Photo: LucyRC Photography

Region's farmers still unhappy with decision

Classic car auction draws buyers from US, Dubai

"He wants everyone to enjoy the cars, the collection got too big'

MOVIE REVIEW: Storks delivers family fun

A scene from the movie Storks.

ANIMATION can be hit or miss but when it hits, it hits hard.

Nick 'the snake' to call the shots on Survivor jury

Australian Survivor contestant Nick Iadanza.

LATEST evictee is out of the game but will still have a say.

Naomi Watts and Liev Schreiber split

Naomi Watts and Liev Schreiber

Naomi Watts and Liev Schreiber have split after 11 years together.

Why Chris Hemsworth was spotted wearing nail polish

RED CARPET: Do you think Chris Hemsworth is the typical unpolished but well-natured Aussie bloke?

He's now officially the best bloke in Australia

Testament's new album is a concept album

ROME, ITALY- JULY 27, 2016: Testament photographed at The Roman Collisseium in Rome, Italy on July 27,2016. Gene Ambo

Testament to release new album

'Baby' recreates famous Nirvana cover shot 25 years later

The baby from Nevermind album has recreated the iconic cover shot.

$40million hotel, shops development project for Mackay

Mt Pleasant hotel and retirement accommodation, proposed at 194-202 Malcomson St.

$40m development to take Mackay to 'the next level'

Five ways to slash household bills and save the environment

THINK GREEN: Considering the environment when building or buying your next home can save you big dollars. The Village Building Company, who is responsible for Woodlinks Village at Collingwood Park, builds homes with this front of mind.

THERE is nothing as sweet as slashing dollars from your bills.

Property 200m from ocean selling for just over $100K

BEACHCOMBER PARK: Work has started on a new $19.2 million development at Toogoom.

The estate's developer is offering huge discounts for early buyers.

UPDATE: Former rodeo champ's sale rained out, now back on

Larkhill local Ken Consiglio is having an auction of most of the things on his property.

'People kept showing up and we had to turn them away'

First stages of $25 million housing development underway

New development on Madsen Rd - The Springs.

The blocks of land are much bigger than usual

Couple build their own 'tiny house' for $45k

Holly Bowen and Oli Bucher built their "tiny house" themselves, only hiring a plumber and an electrician. Photo/supplied

The house, which is built on a trailer and can be towed.