Published On: Thu, Oct 6th, 2016

Economic woes worsen mental problems

FNB Head Office

FNB Head Office

JOHANNESBURG, (CAJ News) – A financial expert has proposed consumers take control of their spending patterns, financial behaviour and planning to defy mental problems blamed on the economic problems prevailing in South Africa.

Ester Ocshe, FNB Financial Advisory Channel Head, made the recommendation ahead of the World Mental Health Day set forOctober 10.

The rising cost of food is placing a lot of strain on many South Africa consumers, with those who are over-indebted being worse off. In addition, the rising cost of tuition and medical fees adds to the depression.

Some 6 million South Africans suffer from post-traumatic stress disorder while roughly 8 000 South Africans commit suicide a year and, compared with 14 other countries, South Africa ranks second for substance abuse.

“These statistics alone are sufficient to heighten anxiety levels, and if you are also experiencing personal financial pressure then your stress levels can, understandably, result in depression, impacting on your home and work lives,” says Ocshe.

However, she believes that by taking control of spending patterns, financial behaviour and proper planning, South Africans can at least soften the impact of external pressures and influences on matters relating to money management.

“If you are in constant worry about mounting debt, and have over-extended yourself in terms of monthly financial responsibilities then your stress will be significantly higher than a consumer who is working towards a budget, has an emergency fund and applied a goal-based financial planning approach,” says Ochse.

Drawing up a budget and a personal balance sheet can help you gain a better sense of your financial position.

Ochse proposes professional advice.

A professional financial planner can help you get your finances in a healthy state for improved wellness.”

CAJ News

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