Not everyone is comfortable talking about money. Alongside politics and religion, money is a long-standing dinner-table taboo.

However, there are serious side-effects to avoiding the subject of personal finance, including stress, hardship and poor mental health. In the Australian building and construction industry, of which over 98 per cent is small to medium-sized businesses with fewer than 20 employees, financial savvy is not only important — it’s essential.

‘We don’t think people realise it’s a life or death issue for many,’ says Peter Cassar, Senior Manager at the global accounting firm Kelly+Partners.

For the building sector, the picture is bleak.

A male construction worker in Australia is nearly twice as likely to take their own life as other employed Australian men of the same age. Each year, the industry loses around 190 workers to suicide. 

Working conditions, job insecurity and long hours are among the many reasons for these trends, but so is financial illiteracy, with a strong link between financial and emotional wellbeing. For example, the Scanlon Foundation Research Institute recently published that the better-off people are financially, the better it is for happiness, social belonging and overall social cohesion. 

Peter says: ‘Obviously, we don’t start trades to be expert accountants, but if you have the confidence to start a business, you have an obligation to yourself and your family to get a basic understanding of your numbers. And it doesn’t have to be complicated.’

Dreams with deadlines 

According to Peter, the simple act of sitting down as a family or individual to outline clear goals and objectives is one of the first steps to financial literacy. Warren Buffett said it best: ‘The more you learn, the more you earn.’

‘And don’t just chase more for the sake of more,’ Peter says. ‘Be a man, or a woman, with a plan.’

Goals, in their simplest form, are dreams with deadlines, and a financial goal isn’t necessarily to get more money. Is it to save enough to pay off a debt? Is it to learn about tax or investment options, or to have enough to pay yourself a better wage? Is it to upgrade your tools? You choose.

Budget direct

The importance of a budget cannot be over-emphasised. It’s like telling your money where to go instead of wondering where it went. Peter advises that the $2000 to $5000 it might cost to build a budget with an accountant will be little compared to the cost of not using one, and he says that a budget is one of the best everyday financial habits.

‘Make sure your budget is loaded into your accounting system so that you understand actual versus budget,’ he says. ‘And use the technology to automate invoicing, track outstanding payments and manage cashflow. Your software should track every dollar in and out of the business.’ 

Ideally, job costing should be a given, along with making a profit on every job. This isn’t always possible, especially in construction, but plenty of other good habits are. 

Review your financials monthly, Peter says, not just at tax time, and don’t wait for the BAS to chase your money.

Keep tax money aside every week or month. And don’t guess. If you’re unsure about your financial position, get professional help early.

Peter Cassar, Kelly+Partners

Mindful or mind full?

By now, you’ll know that financial health and mental wellbeing feed each other. Financial uncertainty will, almost always, affect mental health. In an industry dominated by men (88 per cent), where the traditional pressures of masculinity and self-reliance are leading to harmful rates of suicide, Peter says that speaking out is crucial. ‘Don’t be afraid to talk about financial worries,’ he says. 

‘Sharing the load can reduce stress and lead to better outcomes. And remember, proactive financial management isn’t just good for business. It’s vital for your wellbeing and the wellbeing of your team and family.

‘Suicide is seven times more likely in construction than a workplace fatality. Think about how much red tape and compliance exists around workplace safety, and you should be applying seven times that to your finances.’

Finally, Peter emphasises that running a building business is hard enough and managing finances shouldn’t make it harder. ‘If you need help understanding numbers, improving cashflow or getting your business back on track, don’t hesitate to find someone that is there to help you. It’s empowering.'

From building to mentoring

Ben Carty is a third-generation builder and founder of the Sydney residential building firm Boom Build. However, his journey in dealing with life’s pressures, which includes using alcohol as a coping mechanism, led to Ben’s second vocation as a men’s mentor and coach.

I’ve spent more than two decades building high-end homes and now I help many tradies handle the mental side of running a business,’ he says.

Through his website, Ben reaches out to the industry participants that he himself once was; the over-driven, under-paid and shutting down. He takes the behaviours, habits and patterns that keep people stuck and uses practical, proven techniques to help them, and with a personal investment in the building industry, few are more qualified to share advice.

‘Daily priorities,’ Ben says. ‘Write down your top three tasks each morning to stay focused. When things get hectic, do a quick reset, which might mean stepping away from the tools for two minutes, and slow down your breathing. It clears the head.’

Ben uses various meditation techniques to achieve his best results, but he reminds us that simple strategies can often be the most effective.

‘Speak up early,’ he says, echoing Peter Cassar’s advice. ‘Don’t carry money or stress issues on your own. And do a weekly money check-in. Thirty minutes to look at cash flow can keep you in control. You build better when your head's in a good place.’

First published on 4 February 2026