If you consider the stereotypical Australian, we’re barefoot, relaxing on the beach, not easily fazed – cool, calm, collected. But is this all a myth?
According to a recent study, Australia is, in fact, the third most stressed-out country in the world. But why has living in the ‘lucky country’ made us so on edge?
It’s becoming more and more the norm that we’re constantly performing a balancing act between work and home life. Taking the time out we need can seem impossible. We work comparatively long hours to other countries, and taking work home with us appears to be ingrained in our culture.
However, some other findings of this surveywere a little more surprising. Women out-scored men on all financial stress factors except for the financial strain of caring for the sick or elderly.
On the other hand, men were found to be far more stressed about relationships than women – from proposing to marriage, separation and divorce.
Despite being labelled the ‘lazy’ generation, Gen Ys (18 to 31 year olds) have proved to be the most stressed – particularly when it comes to their savings.
Their frantic scrambling up the career ladder makes the stress levels of Gen Ys exceed our usual expectations.
Being older, Baby Boomers (those aged 46 to 64) are more stressed when it comes to caring for the elderly and sick or dying friends.
Interestingly, those in Gen X (aged 32 to 45) returned no standout results. Maybe they’re the generation that’s got the work/life balance right!
Our top 5
According to the study, the top five stressful events in Australia are:
1. Serious illness or death of a friend or family member
2. Saving more money
3. Paying off debt
4. Caring for the disabled or elderly
5. Paying the rent or mortgage
Given that Australians are most stressed about health and finance issues, these findings highlight the importance of income protection and life insurance.
Should you be unable to work as a result of illness or injury, knowing income protection can kick in to cover up to 80%* of your salary (depending on the policy) will provide reassurance and help reduce the stress in these situations.
So it’s worth making sure you’ve got the right amount of cover to ensure peace of mind for you and your family.
No matter what your circumstances, a financial adviser can help make sure you are matched with the right cover to suit your needs.