In Focus: Financial wellbeing to reduce financial stressors

Risk Matters - Spring 2022

With inflation rising and the cost of living increasing, many people across WA are feeling financially squeezed.

Financial pressures can be a significant stress factor for some, and its impacts can spill over into personal and work life. A new initiative as part of the LGIS Health and Wellbeing program will provide all local government staff with access to a series of financial wellbeing workshops. 

It’s just another benefit of LGIS membership.

What is financial wellbeing?

Financial wellbeing looks different for everyone, but generally it is when a person is in control of their finances and feels financially secure, now and into the future. This could mean being able to meet expenses and have money left over, having the capacity to meet a financial emergency/unforeseen event, or having the ability to plan for the future. If we don’t feel in-control of our finances, we may feel financial stress, which could turn into a physical response, such as fear, stress and anxiety. 

Beyond Blue partnered with the Australian Securities and Investment Commission (ASIC) to examine the relationship between financial wellbeing and mental health. 

The Money and Mental Health Social Research Report found that people experiencing financial challenges are at least twice as likely to encounter mental health issues as those who aren’t. It confirms previously anecdotal evidence that people face a range of mental health impacts including stress, diagnosable mental health conditions and suicidal thoughts, when experiencing financial challenges.

It is important to note that a positive relationship exists between financial wellbeing and mental health, meaning improving your financial wellbeing will improve your mental wellbeing.

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Where we’ve been

Over 120 people attended the CEO Breakfast or Local Government Risk Forum on Tuesday 6 September 2022, at Crown Perth.
Representatives from across the state — from Port Hedland to Esperance and everywhere in between joined together to network and explore current risk issues for the sector.

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LGIS Financial wellbeing webinar series

LGIS has partnered with the Financial Counsellors’ Association of WA (FCAWA) to develop a six part series to assist with improving individual financial wellbeing. These sessions will cover a range of financial topics to help local government workers learn ways to cope with financial stress. The program includes many practical tools and strategies to build knowledge and practices about managing your finances effectively.

Proposed webinar schedule

There are two sessions per topic, one for metropolitan and another for regional local government staff. All workshops will
be delivered by Zoom and recordings will be available for two months.

More information

Look out for registration details for each session, or email [email protected] for more information.

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