With the festive season looming and cost-of-living pressures causing increased stress, Beyond Blue and Financial Counselling Australia are launching a new free online tool to support people with their financial wellbeing and mental health.

Its launch comes as the National Debt Helpline* reports an increase in the number of people reaching out for support, with a 13% increase in calls and chats over the past 12 months.

Beyond Blue’s recent Australia’s 2024 Mental Health and Wellbeing Check also found financial pressure was the leading cause of distress for nearly half (46%) of all respondents. Distress over financial pressure was even higher for those aged 25-34 (65%), 35-44 (59%) and 45-54 (53%). And overall, women had higher than average distress from financial pressure (51%).

11% of people reported they spent more money than they got, and 36% said they were only just breaking even most weeks. These two groups reported much higher levels of financial distress compared to those who were able to save money most weeks.

The survey of just over 5000 people also revealed that some people are struggling for up to ten or more years to seek support.

Beyond Blue and Financial Counselling Australia have together developed a new interactive online tool to guide people to support services earlier. Co-designed with community, the Money and Mental Health Quiz allows people to better understand where they sit on a financial and mental wellbeing scale and be linked with free resources and support, helping them to take action.

Beyond Blue CEO Georgie Harman said the financial strain people are under is likely to continue for the foreseeable future.

“Undoubtedly, this pressure will be magnified as the end of the year comes around,” Ms Harman said.

Ms Harman said people experiencing financial stress are significantly more likely to experience mental health challenges.

“Financial stress can take a major toll on our mental health, and declining mental health can make it harder to manage our finances. It creates a downward spiral that can be difficult to break out of without support.”  

“Stigma and shame around financial distress is also a big issue.”

“We hope this tool will help those who are struggling feel like they are not alone and encourage them to reach out for support sooner and before they hit crisis point.”

Financial Counselling Australia CEO Dr Domenique Meyrick said the end of the year is often a stressful time for people.

“We know things are tough out there, and cost-of-living pressures mount as the holiday season brings new demands,” she said.

Mortgage stress is also a key issue for those reaching out to the National Debt Helpline.

“Financial counsellors are telling us they are hearing from a new cohort of people who have never sought help before, and mortgage stress is the main reason,” Dr Meyrick said. 

“We want people to know they are not alone and urge them to seek assistance sooner rather than later.”

Beyond Blue’s Support Service is available 24/7 on 1300 22 4636 and via web chat or email www.beyondblue.org.au/support.

The National Debt Helpline provides free, independent and confidential help from trained financial counsellors on 1800 007 007.

The Money and Mental Health Quiz can be accessed on Beyond Blue’s website: www.beyondblue.org.au/money-quiz.