As 2025 draws to a close, the cost-of-living crisis continues to dominate headlines and conversations across Australia. It’s a phrase we’ve heard countless times this year – and for good reason. According to JWS Research, it’s now the number one concern for Australians.

At its core, cost of living refers to the amount of money a person needs to cover everyday essentials — food, clothing, heating, rent or mortgage payments, and caring for dependants. But the reality is that these costs have surged by nearly 15 per cent since 2022, while wages have only increased by 11.3 per cent. That gap is placing enormous pressure on households, and it’s not just affecting bank balances — it’s affecting mental wellbeing too.

Financial stress and mental health: a two-way relationship

Beyond Blue, a national charity which works to reduce the impact of anxiety and depression in Australia, is well aware of the impact of financial stress on mental wellbeing. In a recent survey of more than 5000 people, nearly half (46 per cent) said financial pressure was their leading cause of distress.

Dr Luke Martin, Clinical Spokesperson at Beyond Blue, says the financial stress and mental health are closely connected.

'We know that financial stress can affect how people feel, think and behave. It can lead to sleep issues, relationship strain, and a sense of hopelessness. But it also works the other way — when someone’s mental health is impacted, it becomes harder to manage money, make decisions, or seek support. It’s a two-way relationship.'

It can feel like a downward spiral. And because there’s still stigma and shame around money problems, many people don’t talk about it or seek support. That silence can lead to hopelessness, where people feel stuck and unable to see a way forward.

Recognising the signs: the money and mental health quiz

In response to growing concerns, Beyond Blue partnered with Financial Counselling Australia (which also runs the National Debt Helpline) in late 2024 to launch the Money and Mental Health Quiz. It’s a free, five-minute online tool designed to help people reflect on how financial stress might be affecting their mental wellbeing.

The quiz asks a series of short questions and provides tailored feedback, including links to support services like the Beyond Blue Support Service and the National Debt Helpline.

Dr Martin explains that the quiz was created for people who might not realise they’re struggling, or who feel unsure about seeking support.

'It’s a gentle way to start the conversation. The quiz helps people understand where they’re at and what steps they can take. It’s especially helpful for those who feel overwhelmed or unsure whether their situation is ‘serious enough’ to reach out.'

Since its launch, thousands of Australians have used the quiz to better understand their situation and access support.

The bigger picture: mental wellbeing in the housing industry

Financial stress and mental health challenges can affect anyone — but in the housing and construction industry, the experience can look and feel different. The nature of the work brings unique pressures: income can be irregular, payments may be delayed, and the responsibility of managing teams, suppliers and safety risks can weigh heavily.

These pressures are often compounded by the culture of the industry, which is predominantly male. Many men have grown up with messages that suggest they should keep their worries to themselves, especially when it comes to their mental health and to money. This can make it harder to talk about financial stress or mental health symptoms or to recognise when it’s time to reach out.

According to SafeWork NSW, death by suicide is six times more likely than a workplace injury in the construction industry. It’s a sobering statistic that highlights the need for proactive mental health support.

Dr Martin says that when someone is dealing with multiple stressors — financial pressure, relationship challenges, housing concerns — the risk of developing a mental health condition increases. 'That’s why early support is so important.'

Breaking the silence: why talking matters

One of the biggest barriers to seeking support is silence. Many people feel ashamed or embarrassed about financial stress, believing they should be able to handle it on their own. This is particularly true for men, who make up a large part of the housing and construction workforce.

Dr Martin says this pressure to stay silent can be harmful.

While things are changing, there’s still a strong cultural message, especially for men, that being strong means not talking about your struggles. But silence can make things worse.

Beyond Blue’s Clinical Spokesperson Dr Luke Martin

'There’s also a broader societal narrative that links financial success with personal worth. When someone is experiencing financial stress, it can feel like they’ve failed — even when the circumstances are well beyond their control.

'Without even realising it, you can start to internalise those messages and see your financial struggles as a personal failure, which can really damage your sense of self-worth and prevent you from seeking support,' says Dr Martin.

As well as silence, another common reaction to financial stress is avoidance — not opening bills, ignoring calls, or withdrawing from social connections. Over time, these behaviours can make the situation feel even more overwhelming.

'We often see people who feel stuck — like they’re in a hole they can’t climb out of. But there’s always a way forward. Talking to someone can help lighten the load and open up new options.'

It’s not all inevitable

Dr Martin encourages people to take small steps and stay connected.

While financial stress can feel overwhelming, it’s important to remember that you don’t have to face it alone and that there is free, immediate help available. Free financial counselling is available through the National Debt Helpline, and Beyond Blue offers free 24/7 mental health support.

'You don’t have to wait until things feel unmanageable. Even a short conversation with a counsellor or financial advisor can help you feel more in control. It’s about taking action early and knowing that support is available.'

With early support and practical tools, people can take action and move forward.

Dr Martin says this message of hope is central to Beyond Blue’s approach.

'Struggle is part of life — but it’s not the whole story. We talk a lot about downward spirals, but upward spirals are possible too. Small steps in the right direction can lead to big changes over time.'

This reflects a broader shift in how Australians think about mental health. Person-centred, early intervention and lived-experience support are making a real difference. Events like R U OK? Day are helping to normalise conversations about mental wellbeing, and more people are recognising that seeking support is a sign of strength, not weakness.

'Mental health isn’t a destination — it’s a process. It’s about how you manage the journey, and it’s knowing that you don’t have to walk it alone and there is support here for you,' says Dr Martin.

Beyond Blue tools to support mental wellbeing

Beyond Blue offers a range of free resources to support people experiencing financial stress. These include:

• Money and Mental Health Quiz: A quick, confidential tool to help people understand how financial stress may be affecting their wellbeing.
• Wellbeing Action Tool: A guided resource to help people identify what supports their mental wellbeing — from activities that bring joy to strategies for relaxation and time out.
• Money and Mental Wellbeing Toolkit: Practical advice for managing finances and mental health together, including budgeting tips and links to support services.

Support services

If you’re experiencing financial stress or feeling overwhelmed, support is available:

• Beyond Blue Support Service: Free, 24/7 mental health support. Call 1300 22 4636.
• National Debt Helpline: Free financial counsel¬ling. Call 1800 007 007.
• Lifeline Australia: 24-hour crisis support. Call 13 11 14.

HIA Charitable Foundation

The HIA Charitable Foundation proudly supports Beyond Blue. In late 2025, the foundation is partnering with TR Homes in WA to build modular homes, raising awareness and funding for mental health. A $100,000 donation to Beyond Blue has already been raised. 

First published on 17 February 2026