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A free online tool designed to assess financial and mental stress has been embraced by thousands of Australians. The Money and Mental Health Quiz, developed by Beyond Blue and Financial Counselling Australia, has been used by nearly 7,000 people since its launch last year.

As the post-holiday season spending and cost-of-living pressures continue to weigh on families, the quiz's popularity is growing. Co-designed with individuals who have experienced financial stress and mental health problems, the tool helps people understand their financial and mental wellbeing status and connects them with free resources and support.

Over 70% of quiz respondents fell into the Struggling or Critical categories, indicating financial stress and varying levels of mental distress, from worry to desperation. The quiz prompted many to seek immediate help from financial or mental health counselors, something they might not have done otherwise.

New South Wales small business owner Jeremy Suggett shared his experience with financial stress and the impact it had on his mental health. He wished he had known about available support when he faced financial challenges. After making significant investments and encountering policy changes that affected his business, Jeremy felt overwhelmed and isolated. He even contemplated giving up on his business and retreating from the world.

Beyond Blue's recent mental health and wellbeing check revealed that financial pressure is the leading cause of distress for nearly half of Australians, particularly affecting those aged 25-34, 35-44, and 45-54. Women also reported higher levels of distress due to financial pressure.

Beyond Blue Clinical Spokesperson Dr. Luke Martin emphasized the concerning but unsurprising nature of the quiz results. He highlighted the significant link between financial stress and mental health challenges, creating a downward spiral that can be difficult to break without support. He also emphasised the importance of addressing the stigma and shame associated with financial distress.

Financial Counselling Australia CEO Dr. Domenique Meyrick noted the increase in people seeking support from the National Debt Helpline, particularly due to housing stress. Financial counselors are hearing from a new cohort of people who have never sought help before, with mortgage and rental stress being major concerns.

Beyond Blue and Financial Counselling Australia encourage everyone to use the Money and Mental Health Quiz to assess their financial and mental wellbeing. They also urge anyone struggling with financial stress to seek help from the National Debt Helpline or Beyond Blue's support services.

Background:

• Australia's 2024 Mental Health and Wellbeing Check: A representative survey providing insights into the current state of mental health and wellbeing in Australia.

• Financial Counselling Australia: A not-for-profit organization offering resources, support, advocacy, and access to financial counseling for those in need.

• The National Debt Helpline: A free, independent, and confidential service providing financial counseling.

By taking action and seeking support, individuals can break free from the cycle of financial stress and improve their overall mental and financial wellbeing.