Today is
R U OK? Day, a powerful reminder to check in on the people
around us and have conversations that could make a real difference. While we often think about mental health in terms of emotions or relationships, one of the biggest and most common stressors in Australia is money.
According to Beyond Blue, financial worries are one of the top contributors to stress and anxiety for Australians. Yet, despite how common it is, money is still a taboo topic. Many people feel uncomfortable talking about it, which only increases the pressure.
The truth is simple:
mental health and financial health are closely connected. When one suffers, the other often follows.
The Link Between Money Stress and Mental Health
Money stress isn’t just about not having enough – it can stem from many areas: credit card debt, interest rates, unexpected expenses, or even feeling unprepared for the future. Over time, this financial pressure can affect:
- Sleep – worrying at night about bills or repayments.
- Relationships – arguments or tension around money.
- Work performance – stress and distraction can impact focus.
- Overall wellbeing – a constant sense of being overwhelmed.
At the same time, when mental health takes a hit, finances can become harder to manage. Things like budgeting, paying bills on time, or planning ahead can feel overwhelming when you’re not in the right headspace. This creates a cycle that's difficult to break.
Why Talking About It Matters
R U OK? Day is about starting conversations that matter – and money is absolutely one of those. Talking about financial stress doesn’t mean you’ve failed. It means you’re human.
When we break the silence around money and mental health, we create space for:
- Support – whether that’s emotional or practical.
- Solutions – finding ways to ease the burden.
- Relief – knowing you don’t have to carry the load alone.
Sometimes just saying out loud, “I’m feeling stressed about money,” can lift some of the weight.
Small Steps That Make a Big Difference
You don’t need to overhaul your entire financial life to reduce stress. Often, it’s the small wins that create breathing space and help restore confidence. Here are a few simple starting points:
Even setting aside $20 a week into a separate account can provide a safety net for unexpected costs. It’s less about the amount and more about building the habit.
- Talk to Someone You Trust
This might be a partner, a friend, or a professional. Sometimes an outside perspective helps you see options you hadn’t considered.
- Focus on One Thing at a Time
If you’ve got debt, bills, or savings goals piling up, choose one priority and work on that first. Small progress leads to momentum.
- Reach Out for Professional Help
Just as you’d see a GP for your health, a financial planner or counsellor can help with money worries. It’s not about judgement – it’s about finding strategies that fit your situation.
How to Support Someone Who’s Struggling
If you notice a friend or loved one seems weighed down by stress, a simple check-in can make a world of difference. Try asking:
- “I’ve noticed you seem a bit stressed lately, are you OK?”
- “Money stuff can be tough at the moment – do you want to chat about it?”
You don’t need to have all the answers. Just being there, listening without judgement, and encouraging them to seek support if needed can be incredibly powerful.
A Final Word for R U OK? Day
Money stress affects millions of Australians, but it doesn’t need to be faced in silence. Just as we’re encouraged on R U OK? Day to ask the question and start a conversation about mental health, we can extend that same compassion to conversations about financial wellbeing.
If you’re feeling the weight of financial stress, remember you don’t have to go through it alone. And if you know someone who may be struggling, reaching out with a simple
“Are you OK?” could be the start of real change.
Let’s keep these conversations going – not just on R U OK? Day, but every day!
For personalised financial services and advice, speak with your Financial Advisor today at Elevate Financial Planning
- Arlan Davine
