Managing financial stress

October is mental health month, and NGS is shining a light on ways that you can care for yourself and manage stress.

The World Health Organisation defines good mental health as ‘a state of mental wellbeing that enables people to cope with the stresses of life, realise their abilities, learn and work well, and contribute to their community.’

Increasingly, finances are becoming a source of stress for many. While stress itself is not a mental health condition, when stress is intense and ongoing, it can start to impact our physical and mental health.¹

What is financial stress?

Financial stress can mean different things to different people, but its generally when someone feels worried or scared about their financial situation.²

Many Australians are affected by financial stress. A recent study by Lifeline shows that 1 in 4 Australians are finding it hard to get by on their current income.³ If you’re dealing with financial stress, you’re not alone.

How can you manage financial stress?

It’s important to know that no matter how difficult a situation may seem, there’s always help.

Dealing with stress as soon as possible can help manage it. Often, when concerns are left unaddressed, they can appear to be a larger problem than they actually are.

Ways you can cope with financial stress:

Take control of your finances: At NGS, our team are always available to talk through your situation. Our Super Specialists are available to answer questions while our planners can put together a plan together to help turn things around. It’s important to remember that many people experience financial stress, and there’s no shame in asking for help. With the right support and guidance, you can work towards creating greater financial stability.

Get support: Reaching out for support, no matter how small or large the issue, can help to put things into perspective. Lifeline offers excellent support toolkits that include strategies to help manage stress.

Take time to care for yourself: When we feel stressed, it can be difficult to take time out for ourselves. However, self-care can help to reduce stress levels.

Some ways you can care for yourself include:

• Getting plenty of sleep
• Eating a nutritious diet
• Taking time to connect with others
• Taking time to do the things you enjoy

How to care for your mental health on an ongoing basis

Caring for your mental health is important and can look different for everyone. We’re often so busy we forget to prioritise our mental health. But even a few minutes a day can make a difference. Our insurance partner, TAL, has joined academic researchers at the University of Sydney Brain and Mind Centre to develop a mental wellbeing support tool called Headlight.

This secure, easy-to-use resource that is free to NGS members will provide you with tips and resources to help you care for your mental health.

Here's how it works:

1. Take a 3-minute questionnaire
2. Receive your mental wellbeing score
3. Get personalised resources that address your mental health risk factors

How does good mental health improve your life?

Research shows that good mental health is linked to⁴:

• Improved learning
• Creativity
• Higher levels of productivity
• Better social relationships
• Good physical health
• Increased life expectancy

Good mental health is something that nearly everyone needs to work at. No matter where you are on your mental health journey, always remember that there are many resources and tools to support you along the way.

Additional resources

The Black Dog Institute

Mental health services contact list

Beyond Blue