Beyond Blue is one of ME’s charity partners linked to our SpendME Everyday Account. This means each time a customer with our blue SpendME card taps their digital wallet to make a purchase, ME donates 1 cent to Beyond Blue.
Since coming together in 2023, ME has donated $100,000 to Beyond Blue, all because of YOU. Small change can turn into big change.
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Purse strings across Australia are pulled exceptionally tight right now. And according to Beyond Blue’s 2024 survey, it’s the leading cause of distress for almost half (46 per cent) of the population. So how are our young people faring?
According to Australia’s Mental Health and Wellbeing Check, financial pressure is negatively impacting 65 per cent of Aussies aged 25–34 years and 47 per cent for 18–24 years.
Fortunately, there are signs we can watch for and steps we can take to seek support for ourselves and others. The key is to remember that no matter how serious the situation, you aren’t alone. Free, immediate help is always available and easy to access via phone or chat in Australia.
Why are so many young Aussies struggling financially?
Beyond Blue Clinical Spokesperson Dr Luke Martin says that young people can be disproportionately impacted because of less secure employment, fewer assets and limited savings to draw on in an emergency, and greater vulnerability to debt traps like Buy Now Pay Later schemes.
‘These challenges are compounded by concerns about what the future looks like,’ says Dr Luke. ‘Many are questioning whether they’ll ever own a home, whether their job is secure or if they’ll have the same opportunities as previous generations.’
What impact is this having on mental health?
Financial wellbeing and mental health are closely connected. ‘When people struggle to afford everyday essentials like rent, groceries or bills, it’s not only stressful, it can also feel overwhelming and have a pervasive impact on many different areas of life, including mental health,’ says Dr Luke.
Many of us also mistakenly judge our financial struggles as a personal failure. This can be especially true for younger generations who are vulnerable to social comparison and influencer culture.
‘The stigma and shame around financial difficulties can be immense, especially when our society can often send unhelpful messages that equate success with having money,’ says Dr Luke. ‘When you’re constantly exposed to curated lifestyles on social media, such as influencers showing off luxury holidays or designer wardrobes, it can reinforce the feeling that you’re falling behind.’
What are the signs to look for?
If you think that you or someone you care about might be struggling with financial stress, keep watch for these common indicators:
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Struggling to cover the essentials and falling behind on payments.
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Avoidance – ignoring bills and communication from banks and utility providers.
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Withholding information from family and friends.
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Visible signs of distress – frequently worried, tense, irritable, emotionally reactive, socially withdrawn.
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Refusing to seek help.
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Hopelessness – feeling like they’re stuck in a downward spiral and unable to see a way through their financial issues.
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Self-sabotaging behaviours like overspending or making impulse purchases.
If you’d like a better understanding of where you sit on the financial wellbeing and mental health scale, take the Money and Mental Health Quiz. This free and anonymous tool was developed by Beyond Blue and Financial Counselling Australia to offer greater insight and suggest next steps for those who are struggling.
How to seek support.
Fortunately, financial stress doesn’t have to be permanent – there are many pathways forward and places to seek support. Dr Luke says many people avoid getting help because of the stigma and shame they feel, but reaching out early can help you to regain a sense of control.
‘Taking that first step can break the cycle and open up options they may not have seen before. We often talk about downward spirals — but upward spirals are possible too,’ he says.
Reach out to a free helpline.
- The National Debt Helpline provides free, independent and confidential assistance from trained financial counsellors on 1800 007 007 or via webchat.
- Beyond Blue’s Support Service offers free, 24/7 mental health support, advice and referrals from mental health professionals on 1300 22 4636 or via web chat or email. Every tap made with our blue SpendME card goes towards helping Beyond Blue continue offering this vital service to all Australians.
Contact your bank and utility providers.
Don’t avoid the problem. Reach out to the hardship department of your utility provider or bank to see what assistance or payment options are available. For example, ME offers its customers free Financial Difficulty Assistance, with options such as postponing loan repayments or switching to interest only, depending on individual circumstances. There are many different ways to help ease financial stress, such as effective budgeting and consolidating debts.
Stay connected.
‘People in this situation often isolate themselves, but social support is critical,’ says Dr Luke. Reach out to someone you trust. If you’re feeling overwhelmed, get their help to break the process down into manageable steps.
While many factors may be out of your control, Dr Luke says to remember that what you do next is within your control, and support is available to help get you back on track.
Pay it forward with a SpendME account.
Want to support the mental health service that offers free, immediate assistance to more than 300,000 Australians every year? You can help the work that Beyond Blue does when you choose ME’s blue debit card and make any purchases using your digital wallet. SpendME is the account that’s making money good.
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This article is prepared based on general information. It does not take into account individual financial objectives or needs and is not financial product advice.