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Australians distressed and acting aggressively to others

Australians distressed and acting aggressively to others

Australians distressed and acting aggressively to others.

These are the findings from the latest Financial Mindfulness Financial Stress Index (FSI) report which has tracked financial stress in detail over the last 12 months and captured the impact from the COVID-19 pandemic.

An estimated 2.29 million Australians are experiencing levels of financial stress that reduce their wellbeing and capacity to function and it is dragging on the Australian economy.

The lost productivity costs Australian business an estimated $32.14 billion per annum. Key findings from the Financial Mindfulness FSI report during COVID-19* include:

      • 8.76x increase in people always acting “aggressively towards others because of my financial position”
      • There has been an 8.25x increase in those Distressed during COVID19 times from pre COVID-19
      • A 290% increase for always feeling isolated
      • 151% increase in those always finding it hard to ‘wind down’
      • Worry, feelings of tension and agitation increased
      • Increases in people who always or sometimes “experienced conflict with a loved one about money matters”.

The other key findings from the Financial Mindfulness FSI Report were:

      • A large proportion feel worried (89%), overwhelmed (79%), and downhearted (82%) about their financial situation
      • 69% of people say financial stress has negatively impacted their relationships
      • 64% experienced conflict with loved ones
      • 50% could not meet all of their weekly expenses
      • 77% of people are distracted because of financial concerns
      • 62% of people are having difficulty sleeping
      • 50% of people ate, drank, smoked more due to their financial situation.

“The Financial Stress Index (FSI) is a comprehensive measure of the financial factors and biopsychosocial consequences of financial stress developed by Financial Mindfulness,” says Dr Nicola Gates, Consultant Clinical Neuropsychologist at Financial Mindfulness.

“A worrying result has been the significant escalation of people always acting aggressively towards others and the negative impact on relationships in general.”

The company’s Founder and CEO, Andrew Fleming says “Financial stress was a significant problem before the COVID-19 pandemic, but we now can see the increased damage it is having on individuals and work productivity.”

“It is staggering to see how much financial stress is impacting mental and physical health, relationships and work.”

“We developed the Financial Stress Index (FSI) to understand financial stress at a granular level in order to build a solution. Our solution is the Financial Mindfulness App, a personalised program which reduces financial stress,” Fleming says.

The Financial Mindfulness FSI is a leading indicator on financial stress and will be reported every six months to measure changes in Australians’ financial stress levels.

*Data compares user responses in the periods August 2019 to February 2020, with March to August 2020.

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Contactless payments surge 44% during COVID-19

How can I improve my credit score

Credit card giant Mastercard reported a major shift in consumer behaviour that has seen 44% of Aussies decrease their use of cash when making purchases in-person since the outbreak of the coronavirus pandemic, as shoppers fear germs on cash.

The research found that more than half (52%) of Aussies are more aware of the dirtiness of cash as a result of COVID-19, while one in five (21%) said the risk of germs has made them not use cash at all.

Eight in ten (79%) of Australians agree contactless payments are a cleaner way to pay.

Founder and CEO of Financial Mindfulness Andrew Fleming said the combination of reduced incomes and a move away from using cash is the “perfect storm” for credit card debt which could drive up financial stress.

You can read the full article here.

From cash to cashless
From cash to cashless
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Perfect storm of credit card debt brewing for Australians during COVID-19

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Perfect storm of credit card debt brewing for Australians during COVID-19.

Rapidly falling incomes, a move to card-only payments and a complete avoidance of cash is creating a “perfect storm” for Australians to find themselves in deep financial ruin.

Andrew Fleming, CEO of financial stress busting app Financial Mindfullness, says many Australians are unaware of the debt they are getting into by relying solely on personal credit.

“There is almost one credit card for every adult Australian. In January 2020 just before the crisis, there was $42.6 billion owing on credit cards with $28.4 billion accruing interest,” explains Mr Fleming.

Read the full article here.