Financial counsellors are well-aware of the complex inter-relationship between financial and mental wellbeing. A recent report using data from the Household Income and Labour Dynamics Australia (HILDA) longitudinal survey noted that financial hardship and mental health symptoms are mutually reinforcing – with negative experience of one doubling the chances of experiencing the other.

Crucially, the downward spiral between money and mental health can be reversed. Resolving someone’s financial problems can support their resilience and recovery in terms of their mental wellbeing. This is the value proposition for financial counselling.

Our work focuses on strengthening the contribution that financial counselling can make for the estimated 14% of Australians for whom money is, literally, on their mind. We have –

• Developed novel professional development pathways to build members’ confidence when working with highly stressed clients
• Established a successful pilot program to show that even those people who are experiencing significant mental illness may choose to engage with financial counselling, resulting in major gains for their mental health
• Implemented an effective and enduring outreach program to build and strengthen relationships between Victoria’s new Mental Health and Wellbeing Hubs, Locals and Family and Carer-Led Centres and our state-wide network of financial counselling agencies.