A new online tool designed to help people recognise their level of financial and mental stress has been taken up by thousands.
The Money and Mental Health Quiz, has been used by nearly 7,000 people since its launch last year. Developed by Beyond Blue and Financial Counselling Australia, the tool’s popularity continues to grow as postfestive season spending, and the cost-of-living pressures continues to place increased stress on families.
Co-designed with people who experience financial stress and mental health problems, the quiz allows people to better understand where they sit on a financial and mental wellbeing scale and be linked with free resources and support, helping them to take action earlier.
Latest results show that over 70% of people who have completed the quiz fell into either the Struggling or Critical categories of the financial and mental wellbeing scale.
Struggling is where results have shown respondents are experiencing some financial stress, may be feeling sad, worried or unsettled, while the critical category indicates a high level of financial stress, and where respondents may be feeling desperate and hopeless.
The quiz prompted respondents to take immediate action including, contacting a financial or mental health counsellor earlier than when they would have.
Beyond Blue’s most recent Australia’s 2024 Mental Health and Wellbeing Check found financial pressure was the leading cause of distress for nearly half (46%) of all respondents.
Beyond Blue Clinical Spokesperson and psychologist Dr Luke Martin said while the quiz results are concerning; they are not surprising from a mental and financial wellbeing perspective.
“The financial strain people are under is likely to continue for the foreseeable future, so it’s good to see members of the community engaging with this resource and taking action.
“Financial stress can take a major toll on our mental health, and declining mental health can make it harder to manage our finances. It creates a downward spiral that can be difficult to break out of without support.”
Money and Mental Health Quiz: further information at www.beyondblue.org.au/mental-health/financial-wellbeing/money-quiz Beyond Blue Support Service is available 24/7 on 1300 22 4636 and via web chat or email www.beyondblue.org.au/Get-Support