FERNWOOD FITNESS - PULSE eMagazine - Issue#11 - Flipbook - Page 33
The Impact of Financial Stress
Financial stress isn’t just about the numbers in your bank account; it has farreaching e昀昀ects on health. A 2023 study conducted by the Australian
Na琀椀onal University found that individuals experiencing 昀椀nancial hardship
were twice as likely to su昀昀er from mental health issues like anxiety
and depression. Globally, a survey by the American Psychological
Associa琀椀on revealed that 72% of adults feel stressed about
money at least some of the 琀椀me, highligh琀椀ng how widespread
the issue is.
This stress can also spill over into rela琀椀onships,
work performance, and even sleep quality. As
昀椀nancial burdens build up, they o昀琀en create
a vicious cycle, making it harder to take
e昀昀ec琀椀ve ac琀椀on to resolve the issues.
The Path to Financial Wellness
Achieving 昀椀nancial wellness doesn’t mean
becoming wealthy overnight or elimina琀椀ng
every 昀椀nancial worry. Instead, it’s about crea琀椀ng
a sense of control over your 昀椀nances and
developing habits that support long-term stability.
1. Understand Your Money Habits
The 昀椀rst step to reducing money stress is
understanding how you interact with money. Do
you spend impulsively when stressed? Are you
avoiding looking at your credit card statements?
Awareness is the key to making changes.
According to a 2024 study by Commonwealth
Bank of Australia, individuals who track their
spending and create a monthly budget report
signi昀椀cantly lower stress levels.
Consider using budge琀椀ng apps or tools to help
track your income and expenses. Many of these
apps now include features that allow you to
set savings goals and categorise your spending,
making it easier to stay on top of your 昀椀nances.