Mental Health and Financial Wellbeing

This year’s theme is ‘We all have a role to play’ and AustralianSuper is taking this opportunity to highlight the importance of the connection between mental health and financial wellbeing, especially for those facing retirement.

You might have heard that regular exercise, quality sleep and a healthy diet can help improve your mental health. But what about the link between financial wellbeing and mental health? 

For many, thinking about their finances — both now and into retirement — can be stressful. 

A report by Beyond Blue and ASIC found that 14 per cent of Australian adults experienced both financial hardship and mental health symptoms, with people experiencing financial challenges twice as likely to be experiencing mental health challenges, when compared to those not experiencing financial challenges¹.

Mental health in retirement is also important, especially as people transition to a new stage in life.

The Retirement Confidence Index, an annual study by AustralianSuper and Monash University, looks at how Australians feel about retirement. In 2022 the average retirement confidence score was 66 out of 100[2], based on answers to questions around financial awareness, wellbeing, social factors and retirement planning.

The results showed that women were less confident about their retirement when compared to men. When it came to financial literacy, women scored 57 out of 100, compared to 72 for men². Women with lower levels of financial knowledge also experienced more financial anxiety.

The study also found that your financial position is just one part of the puzzle. Good mental and physical health, social connections and setting goals are also key factors in feeling good about retirement.

Feel More Confident About Your Finances

A better understanding of financial literacy can be a positive step in reducing the stress around money, both in your working life and retirement. These AustralianSuper resources may help:

• ‘Money101’ Self-Paced Learning: This interactive online learning resource helps you learn more about managing your money, super, retirement and wellbeing. To get started, visit australiansuper.money101.com.au.
• Free Education Sessions for Members and Non-Members: Making the best decisions about your super and retirement comes from having the best information to suit your needs. Our experienced education team aims to help you learn about a range of super and retirement topics.
• Getting the Right Advice: Everyone's financial journey is unique. Being able to ask questions and get recommendations from experts can make all the difference. Financial advisers who work with AustralianSuper³ can help you create the future you want with financial advice that's right for you. From simple super advice over the phone to comprehensive financial advice tailored to you, there's an option to suit everyone.

Mental Health and the Workplace

Employers can also play an important role in their employees’ mental health. Understanding the many ways to support the positive mental health of all employees can help an organisation succeed.

SuperFriend is a mental health not-for-profit helping to make a positive difference for workplaces. In addition to research and advocacy work, they assist organisations with training and tools designed to manage mental health in the workplace. The SuperFriend website has guides and articles to support your workplace and employees.

For more helpful financial wellbeing tools and advice, visit: australiansuper.com/tools-and-advice.

^{1 Beyond Blue, ‘Money and mental health - Social research report – executive summary AUGUST 2022’.}

^{2 The 2022 AustralianSuper Monash University Retirement Confidence Index. Based on answers from approximately 3,000 people aged 50 and over. Retirement scores are compared to the Australian average, estimated from the key socio-demographic variables captured in the study.}

^{3 Personal financial product advice is provided under the Australian Financial Services Licence held by a third party and not by AustralianSuper Pty Ltd. Some personal advice may attract a fee, which would be outlined before any work is completed and is subject to your agreement. With your approval, the fee for advice relating to your AustralianSuper account may be deducted from your AustralianSuper account subject to eligibility criteria.}

^{This information may be general financial advice which doesn’t take into account your personal objectives, financial situation or needs. Before making a decision about AustralianSuper, you should think about your financial requirements and refer to the relevant Product Disclosure Statement available at australiansuper.com/pds or by calling 1300 300 273. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the TMDs at australiansuper.com/tmd.}

^{Sponsored by AustralianSuper Pty Ltd, ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898.}

^{This document has been prepared for the benefit of members and partners of ClubsNSW, and is intended for general information only and does not constitute legal or other professional advice. You should consider your own individual circumstances and obtain your own independent advice before acting on this document. All copyright subsisting in this document is owned by, or licensed to, ClubsNSW or its contributors. Except for authorised use by members and partners of ClubsNSW in their own organisations, this document must not be reproduced, communicated, or otherwise disclosed in any form by any means without the prior written consent of ClubsNSW. If you are unsure about your rights, please contact ClubASSIST on 1300 730 001. © ClubsNSW or its contributors 2023.}