Young Aussies’ mental, physical health worsening amidst rising financial stress

New YouGov research commissioned by ubank has returned a number of concerning insights around the ways financial anxiety is impacting the mental and physical health of young Australians.

Amidst consecutive RBA interest rate rises and increasing costs of living, 4 in 5 (80%) financially stressed young Aussies have reported impacts on their mental health.

The report also uncovered:

• Financial stress is impacting the physical health of nearly 2 in 3 (64%) financially stressed young Aussies
• ‍7 in 10 (69%) financially stressed young Aussies agree that financial stress is impacting their relationships with family and friends
• The top 3 reasons for financial stress amongst those surveyed are difficulties in budgeting and juggling everything with the rise in living costs (36%), savings running low/running out (34%), and not having enough savings for emergencies or unexpected expenses (33%).

‍Andrew Morrison, Chief Product and Growth Officer at ubank said, “This data is a really important reminder that financial stress is a significant risk factor for poor mental and physical health. It does not discriminate, and is widely felt by many young Aussies, leading to difficulties maintaining personal wellbeing as well as relationships with friends and family.

“During times of financial stress, it is important that Aussies are equipped with the right tools — whether that be apps which help people better manage their money, financial advice or counselling — to navigate the situation financially and emotionally.”

‍Dr Peter Baldwin, Head of Clinical Research and Clinical Psychologist at the Black Dog Institute said, “Financial stress is a double-whammy for mental health. Not only does it increase the likelihood of experiencing a mental illness, it restricts that person’s access to mental health care, especially for young people who already struggle to access support.”

“These data are yet another reminder that we need to make high-quality mental health care affordable to all Australians, regardless of financial situation.”

If you or someone you know is experiencing financial stress, there are resources to support: https://au.reachout.com/articles/how-to-deal-with-financial-stress

• Lifeline on 13 11 14
• Kids Helpline on 1800 551 800
• MensLine Australia on 1300 789 978
• Suicide Call Back Service on 1300 659 467
• Beyond Blue on 1300 22 46 36
• Headspace on 1800 650 890
• QLife on 1800 184 527

About the research

• This study was commissioned by YouGov in consultation with ubank
• It was conducted between 3 – 8 November 2022
• Over 1,000 Australian Gen Z and Millennials (aged 18-41) were interviewed
• These Australians are referred to as “young Aussies” in the research