This article is featured in The Advertiser and is republished with permission.
By Dr Zena Burgess
While Christmas and the New Year are often spent with family, celebrations and gift-giving, many people may be wondering how they will make ends meet while juggling the additional costs that this time of year brings.
To make matters worse, social media often encourages big spending, with social feeds filled with over-the-top gift hauls and elaborate decorations promoting overconsumption. People doing it tough may be left questioning, “Are my kids going to be disappointed when they don’t receive as many gifts as their friends?”.
Research suggests social media platforms can amplify feelings of jealousy and the ability to constantly compare ourselves to others, potentially leading to heightened feelings of inadequacy and envy.
Further, research shows that the number of Australians finding it ‘difficult’ or ‘very difficult’ to cope on their income hit 34.6% in January 2024, with women reporting higher levels of financial stress than men.
This stress takes a toll on the body and is linked to increased heart rate and blood pressure, difficulty sleeping, changes in appetite, headaches, fatigue, irritability, difficulty concentrating, and feeling hopeless or helpless.
When stress is prolonged, it can have a significant impact on someone’s physical health, causing chronic pain and impacting their digestive system, heart, sleep, memory and concentration.
Left without treatment, people are at risk of developing chronic mental health problems, such as anxiety and depression. They may also be more likely to engage in risky behaviours, such as substance abuse or self-harm.
Psychologists’ services are essential in helping people through this cost-of-living crisis but, concerningly, many Australians are struggling to afford treatment due to the fact that Medicare rebates for psychology services are not sufficient.
More than one in five Australians experience a mental health condition in any given year, yet many people are forced to choose between their health and other expenses, which continue to rise.
Further, psychologists in both public and private sectors are dealing with unmanageable caseloads and inadequate resourcing. Now more than ever, we need better funding for mental health services to reduce wait times, improve access and help people get support when they need it and where they need it.
As the year draws to a close, and financial pressures intensify, many families will face rising stress levels that threaten to overshadow the season’s joy.
These challenges highlight the urgent need for a strong and well-equipped mental health workforce capable of supporting our communities. Psychologists have the skills to be able to support Australians struggling with financial stress but more needs to be done by government to ensure people can access that support when and where they need it. Now is the time for urgent action to address systemic challenges and barriers to improve access to quality mental health care in Australia.
For families experiencing financial stress, I encourage you to reach out for support. Remember that this season is about connection, not spending and your worth is not determined by the number of presents under the Christmas tree.