COVID-19 Pandemic Causes the Rise on Financial Stress-Levels in AU

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COVID-19 Pandemic Causes the Rise on Financial Stress-Levels in AU

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SYDNEY, Australia – Businesswoman with a recruitment agency had a 90%-loss when the COIVD-19 pandemic began earlier this 2020. This 36-year-old Aussie had to sell her property, which was her house, to save her staff. She shared that her experience during the COVID-19 pandemic is life-changing. As for the funding counsellor from the Financial Rights Legal Centre, Miriam Jay, people don’t think about doing anything with their stress because it’s making it more stressful. It’s one of the reported mental health issues for this year, 2020. As per Jay, it might be a big dilemma in time.

If you have to trade your house to save your business, will you sell it?

Kate Taylor, 36 years old, sold her house, and she had to save her company and her staff. She runs a recruitment agency, where it lost 90% of the income. The pandemic led to a massive amount of financial stress and work-related ones. She also shared the worst encounter she had when she began operating the ventures in seven years.

As per Taylor, the pandemic’s impact is life-changing, and it can break or make you. She explained that you’d feel accountable for your staff and team and your family when you’re a businesswoman. With this, she said that you don’t have to compromise anything because you shouldn’t be in a place where you had to lose one.

She had little income, so it’s not enough to pay wages to her four employees. It’s also not enough for a mortgage on her house, which was in Sydney.

Taylor had to decide quickly in her venture on how she can keep her staff. She also has to consider how to retain her overheads down because she had to consider her budget. As per the businesswoman, she had to give up her home and sell it to rationalize their overheads to retain them awash.

The financial stress is increasing across the country, and it’s the significant worry for the National Mental Health Commission. People are having a struggle in settling their necessary expenses due to money-shortages.

As per Christine Morgan, the commission’s CEO, she never witnessed anything like it.

She states that funding security is the way to their sense of comfort. However, the economic effects of the COVID-19 pandemic crush people, causing a loss of revenue. Some also their hours cut.

She explained that the initial distress of people is energy and housing costs. It’s not a surprise because the security of the house is crucial. It’s also impacting Aussies from all socioeconomic circumstances, and it’s particular to people with high personal liabilities.

Morgan stated that funding stress is a real problem, and it can affect your mental health. It can also impact your wellbeing.

The impact of financial stress can be a pioneer for other overall mental health conditions, which is, for general, and it includes depression and anxiety. People don’t have to anything because dealing with it will only cause more stress than Miriam Jay.

Miriam Jay, a funding counsellor, and she’s under the Financial Rights Legal Centre.

Jay stated that people would let the situation go on further. It’s why the dilemma is more grave than it has to be.

The Financial Counselling Australia conducted surveys to counsellors around Australia. It found out that there was an increase in customers who are reporting mental health issues this year. The expectation is to get lower at September-end, when government funds programs, like JobSeeker and JobKeeper. As per Jay, it will be a big dilemma. She also said that she has concerns on the bank’s six-month moratorium when it comes to repayments ending.

Jay explained that she had two to three Aussies with backing arrangements with the bank ended. Some people are still not working, yet one of the Aussies’ job is to bounce back on its path. However, this Aussie was still feeling stressed about it.

The funding counsellor stated that the first thing they need to do is seek help from the National Debt Helpline. Her advice is to reach out for some assistance, and you shouldn’t let it rankle until it’s already too late.

The National Debt Helpline can help you access suffering arrangements. They will work on your inexpensive budget in accessing Centrelink settlement and government support. You can also coordinate with the bank, along with other creditors.

Kate Taylor felt anxious in the previous days, so she sees a business coach, mentors, and psychologist.

She stated that she’s focusing on goals and thinking of how she will get past it. She achieved to increase some new customers, and it’s by moving her business to new places. She’ll listen to what probable customers need during the COVID-19 pandemic. Having contact with government measures, including JobKeeper. Putting her house on sale took the burden out of her shoulder to enhance her cash flow.

If there’s something she needs to say to people who are also encountering funding stress, she said it’s best to seek help. She said it’s best to feel comfortable in telling people that you’re having stressed emotionally and financially. She said that it’s crucial, and people can get this through, yet they can’t handle it by themselves.

When it comes to budgeting tips, you’ll cross life on a condensed revenue or accepting what’s happening with super and insurance. You have to understand that these can help and how these can help.

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