An online tool designed to help Australians manage financial and mental stress is quietly making a profound impact. Since its launch last year, the Money and Mental Health Quiz, developed by Beyond Blue and Financial Counselling Australia, has been used by nearly 7,000 people. With cost-of-living pressures biting harder and post-holiday spending adding to the strain, the tool is becoming a lifeline for many.
The quiz, co-designed with individuals who have firsthand experience of financial stress and mental health challenges, provides a scale to gauge one’s financial and mental wellbeing. Participants are then linked to free resources and support services, giving them the chance to take action before hitting a breaking point.
Data from the quiz reveals a stark reality: over 70% of respondents fall into categories described as Struggling or Critical. Those in the Struggling group report experiencing some financial stress and feelings of sadness or worry, while the Critical category highlights a deeper crisis, with individuals feeling desperate and hopeless.
For small-business owner Jeremy Suggett, this kind of resource could have changed the game during his most challenging days. After significant investments and regulatory changes upended his operations, the New South Wales resident found himself spiralling. “I thought I’d lose everything,” he shared. “I stayed in bed, unable to face the world. Financial stress consumed every part of my life—it felt like a weight I couldn’t lift.”
Jeremy’s story echoes findings from Beyond Blue’s 2024 Mental Health and Wellbeing Check, which identified financial pressure as the leading cause of distress for nearly half of respondents. Younger Australians reported even higher levels of stress, with figures climbing to 65% among those aged 25–34. Women also reported above-average distress, with 51% saying financial pressures weighed heavily on their mental health.
Psychologist Dr Luke Martin, a clinical spokesperson for Beyond Blue, acknowledged the urgency of the issue. “Financial stress doesn’t just hurt your wallet—it can severely impact your mental health. Unfortunately, declining mental health makes it even harder to manage money, creating a vicious cycle. Tools like this quiz are crucial in breaking that cycle and encouraging people to seek help early.”
The National Debt Helpline, a free service run by Financial Counselling Australia, has also noted a shift. CEO Dr Domenique Meyrick pointed out that housing stress is increasingly driving calls for assistance. “We’re hearing from people who have never sought help before. Mortgage and rental pressures are pushing a new group of Australians into financial distress.”
Beyond Blue and Financial Counselling Australia hope the quiz will reduce the stigma surrounding financial hardship. The message is clear: help is available, and it’s better to act sooner rather than later. The organisations also emphasise that financial counsellors provide free, independent, and confidential support for anyone in need.
For Australians feeling the squeeze, resources like these are a reminder that support is within reach. As Jeremy reflected, “Knowing there are tools and people who understand what you’re going through makes all the difference.”
Support Resources:
Beyond Blue Support Service: 1300 22 4636 or visit Beyond Blue
National Debt Helpline: 1800 007 007 or ndh.org.au
Money and Mental Health Quiz: Take the quiz
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