R U OK?

Taking the stress out of talking about financial stress

We’re teaming up with R U OK? to share tips for helping those in your life who might be doing it tough. It’s all part of the series ‘When Life Happens, ask R U OK?’, proudly supported by ING Australia.

50% of Australians are experiencing financial stress

A recent survey has found half of all Australians are experiencing cost-of-living and personal-debt distress¹. However, it can be hard sometimes to know how to support someone who might be struggling with financial stress.

But meaningful conversations could make a real difference.

In fact, more than four in five people agree they felt better about managing their situation after talking it through and felt supported, heard and safe during the conversation².

Financial stress could affect anyone

Financial stress could result from planned life changes, like moving house or welcoming a new family member. Other times, it might be due to circumstances outside our control, such as job loss, separation, family violence, illness or a loved one passing away.

Financial pressures could negatively impact our wellbeing³, increase stress and anxiety, affect relationships and contribute to people withdrawing from those around them.

Top tips from a financial support specialist

We spoke with Catherine, an ING financial support specialist who speaks with customers every day about their financial situations.

Catherine shared some tips on how we could navigate conversations to support the people we know who might be experiencing financial stress.

‘Hi Catherine, what’s your role at ING?’

I’m a financial support specialist.

I speak to people who, often due to unforeseen circumstances, aren’t able to maintain their payments.

I work with them to figure out what options are available to help get them back on track.

‘What kinds of financial stressors are people facing?’

There’s all sorts of reasons people come to us needing support.

Some more common ones are cost-of-living concerns and rising interest rates. While unemployment, relationship breakdowns, illness and injury, paying off credit cards, and natural disasters and emergencies are also stressors.

‘When you’re talking to someone, how do you approach the conversation?’

The first thing I do is to try and understand what they’re facing and how they got to this point.

Often, it’s the first time they’ve opened up to someone about the issue, so it’s really important to really listen and not jump in with solutions.

It’s also important to listen to what they’re not saying because people won’t always tell you everything that’s going on.

Also, people often come up with their own next steps to address the issue, so it’s about giving them a space to work that out and helping support them through it.

‘What do you do if someone becomes distressed when discussing their situation?’

If someone is becoming distressed, I’ll often ask if they want to take a second to regroup. Then before continuing the conversation, I might ask: ‘Are you okay to continue?’

The most important thing is to make sure they’re safe and reassure them you’re there to listen and support them.

So I might say something like, ‘I really appreciate you sharing the information with me and I want to look at what we could do to try and provide you with some support and help.’

If appropriate, I might also ask if they’ve got someone to support them through their situation.

Services for those experiencing hardship and their supporters

• ING’s Financial Support  page is available to ING customers who might need it.  
• National Debt Helpline provides free, confidential financial counselling for anyone struggling with debt. Trained counsellors can outline options of what someone can and can’t do, let them know their legal rights and potentially refer them to a more appropriate service. For support, call 1800 007 007, 9.30am – 4.30pm, Monday to Friday.
• Mob Strong Debt Helpline provides free legal advice about money matters for Aboriginal and Torres Strait Islander peoples. For help, call 1800 808 488, 9.30am – 4.30pm, Monday to Friday (AEST/AEDT).
• Small Business Debt Helpline provides support for business owners struggling with their finances.
  It’s free and confidential, with trained counsellors on hand to provide independent advice.
  Call 1800 413 828, 9am –5.30pm, Monday to Friday (AEST/AEDT).
• Lifeline provides 24/7 crisis support for those in distress. It’s free, confidential and also offers live chat and text support. To talk, call 13 11 14.