Finances are one of the biggest sources of stress in Australia. for Australians, and with rising interest rates and the increasing cost of living, it’s no surprise that many people are feeling the strain.

It’s important, particularly during this time, that we check in on one another and understand the steps you can take to help ease financial anxiety and regain control. 

Here are three practical strategies to help you navigate these challenging times:

1. Recognise your anxiety and know your options: 

The first step to overcoming financial anxiety is to acknowledge that it is affecting you, and to the reflect on what is specifically causing you concern.

Reach out to your friends, family or a professional to help narrow down the cause of your financial anxiety, and let them assist you in resolving the cause of your financial anxiety. If you’re struggling with anxiety, you can also reach out to Beyond Blue for advice and support.

2. Plan ahead: 

When it comes to money worries it can be easy to get into a spin. Avoid getting overwhelmed by imagining worst-case scenarios. Instead, have a clear, actionable plan to tackle your immediate concerns. Once that’s in place, shift your focus to medium- and long-term goals. Having a roadmap can provide clarity and empower you to make better financial decisions for your future.

3. Protect you and your family from the unexpected:

You may already have life insurance and, if you do, you may have already experienced a sense of relief and peace of mind knowing that if something were to happen to you, you and your loved ones will be financially protected.

In the event you became critically ill or injured, leaving you unable to work, insurance can cover the costs of your ongoing bills and other expenses. A lump sum payment to your family in the event of your death can also relieve their financial stress during an emotional time.

Ultimately, life insurance coverage can provide you and your loved ones financial security in the event of an unexpected emergency, death, injury or illness.

Get in Touch with SCM Insurance

If you want to discuss your insurance options with an expert and ensure you’re purchasing the right cover for your personal circumstance, you can get in touch with the SCM Insurance advisory team.

Additional Support Resources:

You’re not alone—numerous organisations can help you take control and get your financial future back on track. Below are a few examples:

• • MoneySmart is a government website that offers simple tools, tips and calculators.
  • The National Debt Helpline is a not-for-profit service that offers free, independent and confidential assistance from professional financial advisers to tackle debt problems.
  • SANE Australia offers guidance, support, and resources for those struggling with complex mental health issues.

Nic Brian – Principal, SCM Insurance

SCM Insurance Pty Ltd is an Authorised Representatives of MBS Advice Licence Pty Ltd ABN 25 654 854 136 AFSL 536983. Any advice in this publication is of a general nature only and has not been tailored to your personal circumstances. Please seek personal advice prior to acting on this information.