Financial stress causing substance abuse
Australians are overwhelmingly facing mental health issues, substance abuse and work related stress from financial pressures, according to a mobile investment platform.
Acorns Grow Australia found that a third of Australians (32 per cent) aged between 25 and 44 had abused alcohol, while 20 per cent turned to illicit substances to deal with financial stress.
The firm surveyed 1,000 Australians and found that 70 per cent of respondents experienced depression and anxiety from money worries, while a further 54 per cent reported physical health problems, while the majority (76 per cent) had trouble sleeping.
Managing director, George Lucas, said: "These findings should act as a wake-up call for individuals, our political leaders and mental health organisations".
They should consider the potential health issues associated with Australians' lack of financial knowledge, he said.
"We need to ensure we have the necessary frameworks in place to help those facing financial difficulties [so they can] access support and advice to get their finances under control", Lucas said.
Financial stress also took its toll at work and home, as 52 per cent of respondents said it caused major relationship problems, while 49 per cent said it impacted their work performance.
Women were also more likely to suffer sleepless nights, depression or anxiety and illness or health issues, while men were more likely to experience issues at work, excessive drinking and abused drugs.
"Many of the pressures and health issues Australians faced could be avoided if we encourage people to honestly assess their financial situation. Financial fitness should become part of our overall wellbeing", Lucas said.
Recommended for you
Financial advice practices may be hiring younger or professional year advisers as a succession option, but they may find they are unable to put up the capital if the adviser looks to retire.
Any changes to product labelling for sustainable funds must be applied consistently across investor channels, including those used by financial advisers, according to RIAA.
Having completed its acquisition of fixed income provider FIIG, AUSIEX believes more can be done to increase direct investment of the assets and can envisage them being made more readily available on separately managed accounts.
After eight consecutive weeks of adviser gains, the latest Padua Wealth Data analysis revealed adviser numbers have dropped as the profession begins to stagnate.
