Financial worry is impacting the lives of the majority of New Zealanders, especially women and young adults, research by the Commission for Financial Capability (CFFC) shows.
The research was released to support Mental Health Awareness Week and found that 69 per cent of New Zealanders are concerned about money, with that figure rising to 74 per cent of women and 82 per cent of those aged 18-34.
This concern about money manifests in a variety of ways, with:
- 49% of people feeling stressed
- 34% missing out on social activities
- 31% not accessing health services when they might have otherwise
- 28% making unhealthy eating choices
Other impacts include:
- Problems with personal relationships
- Feeling embarrassed about their finances
- Concealing their financial situation from family and friends
- Not doing exercise and feeling ill or unwell
Ten per cent of those aged 18-34 take regular days off work due to money worries.
Fifty-five per cent felt stressed by money concerns compared with 42 per cent of men and 59 per cent of the younger age group felt stressed compared to 40 per cent of those aged 55-64 and 21 per cent of those 65 years and older.
Māori and Pasifika respondents were also particularly affected – 83 per cent of Māori and 82 per cent of Pasifika were concerned about money compared to 67 per cent of NZ Europeans. ess health services due to money concerns.
Managing Editor of the Sorted website at CFFC, Tom Hartmann, said that the line between financial and mental wellbeing was not hard to draw, with anxiety levels typically easing when people sort their money situations.
“Squeezed incomes mean that many earning groups are feeling the pinch, but it’s also true that many of us could be living a whole lot better on the same money,” he said. “Changing borrowing habits and a small buffer of savings can lift tensions in our personal lives and improve our outlook in meaningful and healthy ways.
“As with most problems, the best way to start dealing with a concern is to share it; lighten the load and then set goals and make a plan to work toward them together,” he said.
Sorted’s new website NowWeAreTalking.org.nz has tips for how to start tricky money conversations and links to Sorted’s guides and tools to help New Zealanders take control of their finances.