Often when we're discussing financial arrangements, this can uncover areas where people are struggling. Too often we all overlook the deeper questions about "how are you really going?". Fixing a financial issue may help but is usually not all that is needed in situations like this.
Money plays a huge part in peoples lives and we all agree it's a very important area to get under control. But what happens when someones financial life starts affecting their emotional and mental health in a negative way. Maybe they are worried about the future, lack certainty about their employment, have mounting debts or maybe life just hasn't panned out the way they planned.
Every area of life affects other areas - money is no different. And this shouldn't be confused with the idea that more money will lead to more happiness. There's countless examples of very successful people who struggle in this area.
When financial struggles begin affecting someone's mental health, it's important to ask the questions. There's no easy answers but we'll never know if we don't ask.
Ask your family, your spouse, your friends (yes even those who seem to have loads of money) how they are going really. Be open to listening to their answers and not immediately trying to solve their problems. It's a real challenge for us as financial advisers...to ask and then listen without jumping straight into problem solving mode. Sometimes a listening ear is worth infinitely more than the best solutions.
Please ask the question and maybe we can help reduce the damage. Whenever you notice a change, no matter how small, we want you to trust your gut and start an R U OK? conversation.
If you're not ok...please don't be silent - reach out - https://www.ruok.org.au/findhelp