Financial Difficulties - Causes and Impacts
Financial distress can have a significant impact on a person's mental health and well-being. The fear of the unknown, and concerns about how unmanageable debt will impact loved ones is difficult. There are often other events to cause financial difficulties such as health, illness, family, or disrupted employment. Currently, the coronavirus pandemic has created a lot of strain and challenges, making financial situations hard to predict.
In difficult times, financial issues are often avoided or, understandably, not deemed a priority. However, mental health should always be a priority and there are some strategies which can be helpful.
Ways to Help Improve Mental Health when Facing Financial Distress
Last year the Australian Restructuring Insolvency & Turnaround Association issued a fact sheet that is still current today, especially after the holiday season; and the coronavirus temporary relief measures are withdrawn.
"A Problem Shared is a Problem Halved" Where to get help
Help is available!
In addition to the contacts listed in the ARITA fact sheet, under the "Mental Health & Wellbeing" page of our website has a comprehensive list of organisations qualified to offer help and guidance.
Should you or someone you know be in financial difficulty, I encourage early contact with a qualified insolvency professional (like myself), for a confidential consultation as soon as possible.
If you or someone you know is in immediate danger, please call 000 or go to the nearest hospital or emergency department
