Australian men report worrying weekly about finances, according to new survey
PRESSURE for Australian men to be their household breadwinner means they are worrying about their finances at least weekly — and the impact on relationships, work and health are severe.
The Men and Money survey, conducted by Nimble and The Digital Edge exclusively for News Corp Australia, investigated the impact of financial hardship on the lives of 1000 men throughout Australia from Men’s Health Week.
But there were surprising consistencies in the responses given by the men from diverse backgrounds.
A third of men find it difficult living on their current income. The problem is highest in South Australia where 49 per cent of men report they are struggling.
Bills, little or no savings and future expenses are the biggest financial concerns and financial stress is not just seasonal — half of men feel stressed about their finances all year round.
And 45 per cent still feel the pressure to be the breadwinner in their household.
Almost 70 per cent of the men surveyed said financial strain had led to health and relationship issues. Depression, drinking, heart problems, suicidal thoughts and loss of family were the reported impacts on their lives.
Greg Ellis, founder of money lender Nimble, said they are seeing men across the board coming to them for help with finances.
“A significant proportion of our customers are on an income of $100,000 or more,” he said.
“If you have a couple of kids and a house, the normal day to day pressures add up. It’s now a typical part of life, not just an issue for people on a low income.”
Lee O’Connell, 33, from Prairiewood in Western Sydney, said financial stress is now part of his life.
With a 15 month old daughter and recently acquiring a mortgage, he said financial stress increased as he got older.
“I am seeing my mates, too, trying to plan a week ahead to cope with financial stress,” Mr O’Connell said.
But the financial burden was not something he was keen to share with his wife.
“I worry more about money,” Mr O’Connell said. “If I can deal with it by myself I will.”
Paul, 49, from Melbourne, said poor money management often left him with nothing. And it led to him becoming extremely anxious.
“A lot of the time I take it on myself and don’t talk to my partner about it,” he said.
“But I’m not too pleasant to be around. I get grumpy and snappy.”
He said that the stress can take over his life, even impacting his job, but it is not something he is comfortable discussing with others.
Jeff Kennett, chairman of beyondblue , said there were three main areas affecting the mental health of men — finances, relationships and health.
“Men have problems asking for help with any of these,” he said.
“This can lead to depression which can lead to alcohol, drugs or even suicide.”
Mr Kennett said men in more traditional occupations, such as farmers, and older Australians were more likely to feel the pressure of being the breadwinner for their house.
“They have a lot of pride and see themselves as the head of the family,” Mr Kennett said.
“Young men’s priorities are changing, but as they get partners, children and a mortgage the responsibilities start to mount and they may also feel the pressure to be the breadwinner.”
But Mr Kennett said men should be willing to ask for help when they need it.
“When your car is broken, you go to a mechanic,” he said. “When you have financial problems, you should talk to an expert to work out a budget to live within.”
“Seek help — it’s not a crime.”