Beyond Blue has brought together government, financial, community and mental health leaders to examine how Australians experiencing financial distress can receive support earlier, as new data points to the growing impact of cost-of-living pressures on mental wellbeing.
The Money and Mental Health Roundtable, held in Sydney, gathered representatives from governments, financial services, community organisations and people with lived experience to examine barriers to support and explore ways to improve coordination across systems and services.
NSW Minister for Mental Health, Housing, Homelessness, Youth and Water Rose Jackson opened the event and joined discussions alongside representatives from Financial Counselling Australia and Beyond Blue.
The roundtable comes as Beyond Blue released new findings showing financial hardship is closely linked with poorer mental health outcomes. According to the organisation, people experiencing financial hardship are 51 per cent more likely to report anxiety symptoms, 63 per cent more likely to report depressive symptoms and 50 per cent more likely to report suicidal thoughts or behaviours.
The data also found that one in two Australians say cost-of-living pressures have negatively affected their mental health. Housing affordability has become a growing concern, with the proportion of Australians reporting it as a mental health issue rising from 35 per cent in 2022 to 46 per cent in 2026.
Beyond Blue chief executive Georgie Harman said financial hardship and mental health had long been linked, but current economic pressures had increased the need for better coordination across sectors.
She said financial distress was a major source of psychological distress for many Australians and could prevent people from seeking help.
“This event was about moving past admiring the problem to finding pragmatic solutions to support people before they reach crisis,” Harman said.
She said no single organisation could address the issue alone and that the focus should be on understanding barriers to early support and identifying practical opportunities for collaboration.
Jackson said financial hardship and mental wellbeing were interconnected issues that required a collaborative response.
“Bringing together people with lived experience, frontline expertise and leaders from across sectors helps us better understand where the pressures are and where we can make the greatest difference,” she said.
Beyond Blue said the roundtable was intended to help build a shared understanding of people’s experiences and improve pathways to support across government, financial services and community organisations.
The organisation also reported that financial wellbeing had declined since 2022, with fewer Australians saying they were able to save money regularly and more reporting that they were spending more than they received. People experiencing financial hardship were also more likely to delay seeking professional mental health support.
Financial counsellors and mental health advocates have increasingly argued that early intervention can reduce the risk of debt problems escalating into housing insecurity, relationship breakdown and acute mental health crises.
Beyond Blue said insights from the roundtable would be compiled into a report to help identify priorities for future collaboration, advocacy and action in the money and mental health space.
The organisation said support for people already in crisis remained essential, while earlier recognition of financial distress could help people access assistance before their circumstances worsened.
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