Aggression on the rise as finance stress hits home

There has been an eight-fold rise in people ‘acting aggressively toward others’ due to their financial stress since the start of the COVID-19 pandemic, a new survey finds.

Stephen Lunn

@lunns

less than 2 min read

10:19PMOctober 04, 2020

A new survey found 77 per cent of respondents were distracted because of financial concerns during the pandemic, with difficulty sleeping and eating, drinking and smoking on the rise as a way of coping.

There has been an eight-fold rise in people “acting aggressively toward others” due to their financial stress since the start of the COVID-19 pandemic, a new survey finds.

And a similar increase was reported in people feeling distressed during COVID. The research by financial company Financial Mindfulness also found a 290 per cent increase of people who say they always feel isolated since COVID began, and a 150 per increase in those who say they always find it hard to wind down.

And there was an increase in people who always or sometimes “experienced conflict with a loved one about money matters”, the study, based on responses from 363 people before and after the onset of coronavirus, revealed.

Financial Mindfulness chief executive Andrew Fleming said the research suggested about 2.3 million Australians were experiencing financial stress sufficient to reduce their wellbeing, and two in three had experienced conflict with loved ones.

“An 8.8 times increase in people always acting aggressively towards others due to their financial position is a real concern,” Mr Fleming said. “We haven’t looked at where this aggression plays out in relationships, however, we are seeing a general trend of financial stress negativity impacting relationships and an experience of conflict with loved ones about money matters.”

The study estimated the lost productivity as a result of financial stress, putting it at around $32bn a year. Overall 77 per cent of people said they were distracted because of financial concerns, 62 per cent had difficulty sleeping, and 50 per cent said they ate, drank and smoked more due to their financial situation.