When you search for pop culture references about money, you’ll discover an abundance of hits. This ranges from ABBA’s Money, Money, Money and Dire Straits’ Money for Nothing single to films such as The Wolf of Wall Street and Jerry Maguire saying, ‘Show me the money!’

There’s no disputing that money makes the world go round (as Liza Minelli sang), but our financial position can be precarious. Mental health organisation Beyond Blue states that 38 per cent of Australians experienced financial hardship during the period 2014-19. During these years, 14 per cent of adults experienced both financial hardship and mental health symptoms. The research showed a significant connection between the two played out in many people’s lives.

The causes of stress are complex. People’s natural predisposition, their personal life situations and their general health and wellbeing can all play a part. However, one of the greatest contributors to stress is the pressure of financial strain. For many people, money – the lack thereof or the fear of financial failure – features prominently in their lives, causing stress and shame over time.

A builder, tradesperson or business manager is no stranger to this conundrum. They need to cope with the current tough financial climate while still paying the ongoing cost of materials, trades and staff. It can feel like they’re paying for everyone and everything.

According to Beyond Blue lead clinical advisor Dr Grant Blashki, people who aren’t under financial pressure are like a person riding on their bike. ‘The wind is blowing behind them; everything seems possible and easy,’ he says. ‘By comparison, others who are under the hammer financially are riding against the wind. This can impact all aspects of their lives and can precipitate or worsen their mental health issues.’ 

Dr Blashki notes that the reverse can often occur. ‘Beyond Blue research tells us that people experiencing mental health issues are twice as likely to be experiencing financial strain,’ he explains. ‘It emphasises the interconnected relationship between money and mental health, which many of my patients report on a day-to-day basis.’

Creating change

Three key factors

According to Beyond Blue, everyone responds differently to financial and mental health challenges. People’s experiences cause differing thoughts, feelings and behaviours, which impacts their ability to manage their wellbeing. These issues are influenced by three key factors.

1. Connection and community

Financial and mental health challenges can be isolating. Despite such strain affecting a large portion of the population, many people feel ashamed of their difficulties. They are reluctant to ask for help from others, including financial or essential service providers.

Experiencing money and mental health issues can also cause people to withdraw from family and friends. But connection is beneficial for our wellbeing.

To help others facing these stressful issues, Dr Blashki says to be aware if they seem to be distracted or withdrawing from life. For example, they may not answer their mobile or will stop participating in their usual activities and get-togethers. ‘At the more severe end, people can have thoughts about self-harm or suicide, and these are red flags to get immediate help from groups such as Lifeline or your health practitioner,’ he advises.

However, there are ways for people to maintain connection that don’t cost money and simply being open about your circumstances or considerate about a person’s need to cut back on spending can be helpful. ‘It’s normal to feel like we don’t have someone to talk to when we experience money or mental health challenges, but it’s never too late or too early to contact support services and seek help,’ Dr Blashki says.

2. Confidence and capability

Money and mental health challenges can impact how people see themselves. Dr Blashki says people may feel shame and guilt when coping with financial pressures. ‘It can affect people’s sense of identity and confidence,’ he says. ‘They may not want to even disclose this to friends and family as a lot of stigma comes with it.’

This change in confidence can lead to negative self-talk, creating a downward spiral, which can progress quickly and may be difficult to get out of.

‘Financial problems can be overwhelming, and people may need help to cope,’ Dr Blashki says. ‘Providing support or encouraging them to seek help is a good starting point.’ 

Dr Blashki says it can be difficult for people to make decisions while under financial stress. 

‘Being motivated to get back into things can be quite hard,’ he acknowledges. ‘There is guilt and regret. Turning around those thoughts can take time. My advice is to be gentle with yourself. Take small steps every day and be kind and patient. This can help over time.’

3. Choice and security

People who are experiencing financial and mental health challenges may seek help multiple times with mixed success. These experiences can wear people down, increase feelings of shame and make them reluctant to seek help again.

Dr Blashki says that although it can be daunting for people to overcome their challenges, doing one small thing every day that is good for you is the key. Some helpful tips include: 

• Break things down into easier tasks, such as opening a bank statement or calling a helpline
• Set aside time to deal with money issues
• Establish a routine
• Look after your physical and mental health through exercise, getting quality sleep, eating well and staying connected with friends, family and colleagues.

‘Feeling in control of your finances can be incredibly empowering,’ he adds. ‘There’s help out there for both mental health and financial support.’ 

Financial support options 

There are many ways to help manage your finances, including taking breaks from payments, making reduced payments or negotiating with a creditor. You can also access resources from Moneysmart and the National Debt Helpline or reach out to free support networks such as Financial Counselling Australia.

Mental health support options

Beyond Blue: The Beyond Blue Support Service is a free telephone and online counselling service is open 24/7 for everyone in Australia. Phone 1300 224 636 or contact via webchat.

Lifeline Australia: Australia’s leading suicide prevention service, this national charity provides Australians experiencing a personal crisis with access to 24-hour crisis support. Phone 13 11 14.

HIA Charitable Foundation

The HIA Charitable Foundation (HIACF) is committed to providing support for mental health issues that affect 1 in 4 people in the residential building industry. To date, HIACF has donated more than $1.4 million to charitable causes, with Beyond Blue receiving $1 million since partnering together in 2014. For more information and resources, visit HIA community.

Helping tradie health

With the generous support of our members, the HIA Charitable Foundation (HIACF) donated $50,000 in June to the Tradie Health Institute, a national organisation with labs at the Prince Charles Hospital. The funds will support the institute’s research initiative dedicated to improving and saving the lives of tradies impacted by occupational lung disease, including the deadly disease, Silicosis. 

HIA National President Debbie Johnson presented HIACF’s donation and was given a tour to see firsthand the critical research underway. She described the contribution as well deserved. ‘We’re constantly working with our members, and industry more broadly, to generate funds that we can put into causes like this,’ she says. 

The partnership between HIACF and the Tradie Health Institute represents a united front in combating diseases such as Silicosis which afflicts the building and construction industry. HIACF’s Chair Pino Monaco acknowledges the significance of breakthroughs in this area to potentially save lives. 

‘This hideous disease affects many in our industry,’ he says. ‘We are proud to partner with Tradie Health to provide funding to advance this valuable research. HIA members should feel very proud that their generous support can contribute to finding much needed solutions.’ 

HIACF also proudly donated $20,000 to the Victorian Homeless Fund, which provides crucial housing relief for those in need, with a particular focus on women and children escaping family violence.

First published on 26 June 2023