Grief is often associated with the death of someone close, but significant financial loss can also trigger a profound sense of grief. Whether it’s job loss, mounting debt, bankruptcy, or poverty, the impact on mental and emotional wellbeing can be substantial.
This guide offers information, insights, and practical tips for navigating the grief that comes with financial stress.
Understanding financial grief
Financial stress is more than just worry about money. It can affect your emotional, physical, and mental wellbeing — often bringing on feelings of shame, guilt, anxiety, or hopelessness.
Grieving financial loss might include:
- Feeling overwhelmed or confused
- Experiencing identity loss (e.g. “Who am I without my job?”)
- Struggling with conflicting emotions like anger, sadness, and guilt
- Worrying about the future and your sense of security
It’s important to acknowledge these responses as valid and real. Grieving financial loss is not a sign of weakness — it’s a natural reaction to major life disruption.
Common causes of financial loss
Financial stress can stem from many life events or systemic issues, including:
- Job loss or redundancy
- Long-term unemployment
- Bankruptcy
- Rising debt and living costs
- Loss of savings due to illness or unexpected events
- Living in poverty despite employment
Signs you may be experiencing financial stress
The symptoms of financial grief can show up in many ways, such as:
- Trouble sleeping or concentrating
- Withdrawing from others
- Mood swings or irritability
- Headaches, muscle tension, or chronic fatigue
- Avoiding bills or financial responsibilities
Recognising these signs early is an important step in getting support.
Practical tips to cope with financial stress
Acknowledge your feelings
Suppressing your emotions can intensify distress. Allow yourself to feel the grief, frustration, or anger — it’s a valid response to a difficult situation.
Get clear on your entitlements
If you’ve been made redundant or lost your job, check your rights through the Fair Entitlements Guarantee (FEG) or speak with an employment advocate.
Create a new routine
Financial instability often disrupts your sense of purpose and daily rhythm. Reintroducing structure — like morning walks, job-seeking time, or meal planning — can help restore stability.
Review your expenses and budget
Start by tracking your spending. Consider connecting with a financial counsellor (many local councils offer free services) to create a realistic budget.
Reach out for professional support
You don’t have to navigate this by yourself. Organisations like Centrelink, the National Debt Helpline, and financial wellbeing services can assist with benefits and repayment plans.
Prioritise your wellbeing
Exercise, rest, and connection with others are essential when facing hardship. Even small acts of self-care can support your resilience.
External resources and emergency supports
- MoneySmart – gov.au (tools, advice and urgent help)
- National Debt Helpline – 1800 007 007 (free, confidential counselling)
- Centrelink – gov.au (unemployment and hardship support)
- Medicare Mental Health – gove.au/contacts/medicare-mental-health (mental health support services)
When to seek additional support
If your financial situation is leading to thoughts of hopelessness, self-harm or suicide, it’s important to seek help immediately.
Contact Lifeline: 13 11 14 (24/7 crisis support)
You are not alone
Financial loss can feel isolating, but many people are experiencing similar challenges — especially during times of economic uncertainty.
Support is available. Reach out, take small steps, and remember: your worth is not defined by your income or financial circumstances.
