Africa consumers, with those who are over-indebted being worse off.
Add to that the rising cost of tuition and medical fees and it's not
hard to see why many are affected by depression.
With 10 October 2016 recognised as World Mental Health Day, consider
for a moment the statistics of those who suffer from mental
conditions, courtesy of the South Africa Depression and Anxiety Group.
Some six million South Africans suffer from post-traumatic stress
disorder, roughly 8 000 South Africans commit suicide a year and,
compared with 14 other countries, South Africa ranks second for
substance abuse.
Ester Ocshe, FNB Financial Advisory Channel Head, says: "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."
However, she believes that by taking control of your personal spending
patterns, financial behaviour and planning, each and every South
African 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. "Once you are able to
articulate your goals, distinguish between wants and needs and also
prioritise paying off debt that has a higher interest rate, you can
slowly start getting your debt under control by a steady R100 or R200
or R1000 at a time."
While history tells us that tough economic conditions don't persist
indefinitely, the stress they cause during down cycles can be both
mentally and financially devastating. "When times are challenging,
confronting problems head on is a brave step to improving your state
of mind and wrestling control out of a difficult situation. A
professional financial planner can help you get your finances in a
healthy state for improved wellness," concludes Ochse.
