​Beyond Blue, partnering with the Australian Securities and Investments Commission (ASIC), has released a new report confirming the relationship between mental health and financial wellbeing.

The report (Money and Mental Health Social Research) states that people experiencing financial challenges are twice as likely to experience mental health conditions than those who aren't, and states that people face a range of mental health impacts including stress, diagnosable mental health issues and suicidal thoughts when experiencing financial challenges.

The research also found that young adults, women, First Nations people, and small business owners are more likely to experience financial challenges and poor mental health.

It is important to note that a positive relationship exists between financial wellbeing and mental health, meaning improving your financial wellbeing will improve your mental wellbeing.

"Our life experience means we all respond differently to financial and mental health challenges and there will always be issues outside of our control that impact our finances – just ask many renters and mortgage holders. But there are things we can do to try to stay on top of our financial wellbeing, and actively managing our mental health is one of them.  By doing that, we're in better shape to manage our finances and keep things in perspective during challenging times." said Beyond Blue CEO Georgie Harman.

To read more about the report, visit the Beyond Blue website.

The LGIS health and wellbeing program is designed to provide a proactive approach to improve  awareness  and  lower  risk  factors  in  the  area  of  health  and  wellbeing  and  to  assist  in  creating  healthy  workplaces, and we now provide services for all aspects of employee wellbeing – physical, mental, social and financial.  

LGIS financial wellbeing webinar series

LGIS has partnered with Financial Counsellors' Association of WA (FCAWA) to develop a six part series to assist with improving your financial wellbeing. These sessions will cover a range of financial topics to help local government workers learn about various mechanisms to cope with stress related to financial matters. The program includes many practical tools and strategies to build knowledge and practices about managing your finances effectively.

• Your money your way part 1 (completed) – managing your money

            Metro – 30 August 2022, Regional – 31 August 2022

• Your money your way part 2 – savings tips, financial wellbeing, and support

            Metro – 25 October 2022, Regional – 26 October 2022

• Plan for your future – superannuation awareness and preparedness 
  
  Metro – 6 December 2022, Regional – 7 December 2022

• Financial protection – insurance awareness and pitfall considerations 
  
  Metro – 21 February 2023, Regional – 22 February 2023

• Reducing your debt – strategies to reduce your debts and be financially fit 
  
   Metro – 18 April 2023, Regional – 19 April 2023

• Unexpected financial hits – preparing to be financially resilient 
  
  Metro – 6 June 2023, Regional – 7 June 2023

Our second session is complete – Watch the video recording here - Your money, your way - part 2

Look out for registration details for all future webinars, email health@lgiswa.com.au for more information.