With personal debt levels at record highs, reducing stress and improving sleep quality have topped the list of Australians' health goals this 2018, a new research from finder.com.au has found.
The study revealed that 33% of the 2,017 respondents wanted to reduce stress, while 32% wanted to improve sleep quality this new year.
Bessie Hassan of finder.com.au said it is not surprising that many Australians get stressed and are losing sleep, with the average credit card balance coming in at $3,062 and house prices costing them seven times the average household income.
“Financial stability is one of the biggest contributing factors to our mental health and wellbeing,” Hassan said. “With a national credit card debt of $51bn and house prices skyrocketing, many Australians are likely to be experiencing rising financial pressure.”
The study also suggested that women are more stressed than men, with 41% hoping to relieve stress in 2018, compared to 25% of men.
“We know women are less likely to have a savings safety net in the bank and are more likely to be underinsured, which all contributes to financial stress,” Hassan said.
The comparison website cited some ways Australians can improve their financial fitness this year.
Ditch bad habits. By giving up smoking, for example, the money usually spent on cigarettes can be saved. Quitting smoking can even cut the price of life insurance by half.
Make money counting your steps. Some health and life insurers offer discounts or incentives to members for using fitness trackers and wearables.
Get rid of the health cover you don't need. You could save hundreds of dollars by reviewing your health insurance and making sure that you have the right level of cover.
Save on your gym membership. Some health insurance providers reward their members' loyalty with gym membership discounts, and allow claims for fitness classes such as yoga or Pilates on the extras policy, particularly if they've been prescribed by a medical professional.
Clear your debt for better sleep. Consolidate credit cards and personal loans, set up a budget, and open a regular savings account to reduce those sleepless nights spent worrying about money.
“Stress can be a huge hindrance and can even create long term health issues,” Hassan said. “The new year is a good time to reduce factors contributing to your stress levels, and take up an activity that will help you improve your mental health and encourage better sleep quality. If you feel as though symptoms of stress are affecting your everyday life and you need help to manage them, it’s important to seek professional advice.”
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