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FSC: correlation between finances and mental health, and more daily news

The FSC has found that financial stress is impacting the mental health of more New Zealanders. 55.6% of participants in a recent survey reported that their wellbeing was impacted by financial issues, a 4.3% increase from last year. FSC CEO Richard Klipin has said that the survey indicates that there is a positive correlation between financial stress and the overall wellbeing of New Zealanders. Klipin has highlighted that the financial services sector has a significant role to play in supporting the wellbeing of customers and ensuring that there are support options in place. Klipin continued saying that the survey findings highlight the impact COVID-19 has on wellbeing, especially on the younger generation. Klipin has expressed his desire to see New Zealanders prioritise their financial wellbeing as it impacts their health and happiness.

“An increasing number of New Zealanders are finding that financial troubles are impacting their mental and physical health, relationships and overall wellbeing, and insurers say that a more ‘holistic’ approach is needed when it comes to dealing with customers experiencing difficulty.

A recent FSC survey showed that 55.6% of New Zealanders feel that financial issues have impacted their overall wellbeing - up from 51.3% in March 2020. CEO Richard Klipin said that the survey results clearly show the link between finances and mental and physical health, relationships and stress, and he says the financial services sector has a significant role to play in supporting customer wellbeing by building up their support options and financial resilience.

“While our findings suggest that we’re making progress in some areas, they also highlight that there is more to be done to support the public in building knowledge and gaining confidence when it comes to their finances,” he said.

“What remains clear from the latest survey results is the connection between money and our wellbeing, with over 55% of New Zealanders saying that financial issues have adversely affected their wellbeing.

“This highlights the continued impact that COVID-19 is having on the wellbeing of all New Zealanders,” he said.

“Particularly the younger generations, and we hope the survey results encourage people to prioritise their financial wellbeing, which clearly plays a direct role in health and happiness.” Click here to read more

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