Is the cost-of-living crisis impacting your health?

As Australia heads to the polls this week, the question I keep coming back to is, will whichever party wins the election be able to make any inroads to helping those struggling with the cost-of-living crisis?

Our health and well-being are being negatively affected by financial stress.

Money worries, concerns about having enough to pay the rent, the bills or to put food on the table create significant chronic stress and anxiety. The risk of depression is greatest for those on low incomes. An unexpected expense that you don’t know how you’re going to pay can lead to sleepless nights and increased tension in your relationships. You may feel chronically tired, experience mood swings, withdraw socially from others, or feel bad or guilty that you’ve found yourself in this position.

As a lifestyle medicine physician, I understand how important enjoying a healthy diet, engaging in sufficient physical activity, getting enough good quality uninterrupted sleep and managing stress are to keep us well.

When money is tight, our normal choices have to change.

• I see it in the supermarkets. I love having berries with my muesli in the morning, but the current price of fresh berries has meant I either only buy them “on special” or not at all. By the way, it’s good to see cheaper options of “imperfect” fruit and veg on offer. They taste the same! Cooking from scratch can save a heap of money and you don’t need to be a Master Chef to produce quick, tasty meals that all the family will love, and may even get them more interested in cooking.Eating well on a restricted budget is achievable but does involve careful planning.

  Snack foods are expensive and don’t provide the same level of satiety (or nutrient value) as whole, unprocessed foods. Will you buy a kg of apples or a giant bag of crisps? Same price, but one will keep the hunger pangs at bay for longer and provides real nutrients.

• Paying for a gym membership is expensive. Here, switching to other forms of activities that are free can keep you fit, which also helps to bolster your mood and resilience.Walking, jogging, running, cycling and swimming are all great ways to stay active.

  Going for a 20–30-minute walk every day gets you outside, which is also good for your mental and physical health.

• Getting good sleep when financially stretched can be a nightmare. Here it’s also about being active outside every day, engaging in those activities that help you relax, like socialising with friends or watching a comedy and avoiding sleep poisons like alcohol, smoking and caffeine.

• Having enough money (and that value will vary from one individual to the next) is linked to better overall health and longevity. It allows you to plan and provides hope that you can manage, even if things are a little “tight” sometimes. Financial well-being is also helped by getting the right advice so you’re better prepared for changes in your circumstances. Having someone close to you, such as a partner or close family member, for support can make all the difference, so you don’t feel alone. There are also a number of financial institutions that can provide assistance.I worry when I hear stories of people deferring medical treatment or filling prescriptions to save money, or parents skipping meals to ensure their children do get fed.

Tips to minimise the health impacts of financial stress.

1. Be aware of how this is affecting your emotions and acknowledge how you feel.
   One study in 2023 revealed that how a person feels about a decline in income matters to our emotional well-being x20 more than the actual financial change itself.
2. What’s the story you’re telling yourself about your situation? Is this a temporary setback, or is it a catastrophe? If you see this as something that might be annoying or upsetting, but you can cope, it’s easier to look for ways to minimise the impact. For example, getting a quote for a more affordable utilities plan builds hope that things can be managed. Small tweaks can lead to bigger financial savings further down the line.
   Those who see the situation as disastrous are at greater risk of spiralling down into more severe stress and health problems, including heart disease, high blood pressure, depression or substance abuse.
3. Look after your own health and that of your family, budgeting to ensure you can eat a healthy, balanced diet, keep active and manage your stress as best as you can. Give yourself permission to take time out to do something nice for yourself or your family, as this helps to keep things in perspective.
4. Write down a list of all your regular expenses and work out a budget. Those small, incidental takeaway coffees can add up to a lot.
5. If financial stress is taking a toll on your health, ask for help. Talking to a mental health counsellor, your GP, or psychologist can assist in dealing with feelings of distress, anxiety or shame.

Alan Fels AO, Professor of Law, and Economics and Business, at the University of Melbourne and Monash, has described the cost-of-living crisis as having two faces, one is the income that people receive, and the second is the higher prices being paid for goods and services.

I’m no politician (thank goodness), but the impact of the current cost-of-living crisis here in Australia (and beyond) is having a significant and multifaceted impact on the health and well-being of our society, which cannot be ignored.

Food security must be a top priority, along with accessible and affordable health and dental care for starters.

What do you see would enable the cost-of-living crisis to be tackled more effectively?