Almost half of Australians struggle to break even each week, with the holiday season set to place extra strain on household budgets.
In a recent survey by Beyond Blue, 11 percent of people reported they spent more money than they had and 36 percent said they were only just breaking even most weeks.
Beyond Blue CEO Georgie Harman said these two groups reported much higher levels of financial distress compared to those who were able to save money most weeks.
Ms Harman said the survey also revealed that some people were struggling for up to 10 or more years to seek support.
She said to make it easier to find the right support an online tool had been launched.
“We hope this tool will help those who are struggling feel like they are not alone and encourage them to reach out for support sooner and before they hit crisis point.”
Ms Harman said the free tool was aimed to support people with both their financial wellbeing and mental health.
She said the launch comes as the National Debt Helpline reported an increase in the number of people reaching out for support, with a 13 percent increase in calls and chats over the past 12 months.
“Beyond Blue’s recent Australia’s 2024 Mental Health and Wellbeing Check also found financial pressure was the leading cause of distress for nearly half of all respondents.”
Ms Harman sad the tool had been co-designed with the community and allowed people to better understand where they sat on a financial and mental wellbeing scale and then be linked with free resources and support.
“The financial strain people are under is likely to continue for the foreseeable future. Undoubtedly this pressure will be magnified as the end of the year comes around.”
Access the Money, financial wellbeing and mental health tool.
