How to battle financial anxiety

In a time of rising interest rates, soaring energy prices and ballooning grocery bills,economic anxiety is a feeling that far too many of us can relate to.

A recent study found one in four Australians are finding it difficult to get by on their income. My mantra? Action cures fear.

While it might seem rudimentary, taking the time to sit down and list out all your expenses is the best way to understand your financial situation and empower yourself to set and meet your financial goals.

While redundancy is not a word anyone wants to hear, the reality is that many Australians will face it in 2023. According to one report, 30 per cent of large businesses say they are likely to make redundancies in the 2022-23 financial year due to the impact of global events on their bottom line.

In the event of job loss, having three months’ worth of living expenses set aside will give you the space to seek employment without the looming pressure of financial stress. This will help to stave off the ‘what-ifs’ and alleviate financial stress if redundancy becomes a reality.

Even at a time when most people are feeling the pinch on their pockets, the topic of financial stress is still shrouded in shame. A national survey by Finder revealed that 14 per cent of Australians admit to lying to a partner about their finances, with feelings of shame and anxiety around poor money management as the catalyst.

Shame around money does nothing but disempower us from taking control of our financial future. Talking to a qualified professional about your particular situation will help to remove the barrier of shame that often stops us from addressing the issue head-on.