Angela Newland: In times of uncertainty, we must focus on resilience, both emotionally and financially

We truly are living in uncertain times. News headlines change so rapidly — inflation, rates, house prices, conflicts, elections. It’s a lot. For many West Australians, and particularly new homeowners or those in the early stages of establishing themselves financially, this global uncertainty can bring financial instability and statistics show many are struggling with the weight this stress can bring. According to Lifeline WA, more West Australians sought crisis support in 2024 than in any previous year. Calls to the national crisis line rose by a staggering 24.6 per cent from the previous year. While things are looking up as inflation and interest rates start to ease, the cost of living and sky-rocketing property prices are still putting West Aussies under pressure. For millennials and gen Z, buying a home is still the great Australian dream — representing financial stability and a sense of control in an otherwise uncontrollable world. But this goal can often feel increasingly out of reach, leading to increased stress and mental health challenges. In times like these, resilience is essential, both emotional and financial. By focusing on what we can control and taking small, proactive steps, we can build stability and confidence, even in uncertain times. Eight steps to support emotional and financial resilience: Increase your financial literacy: By equipping yourself with financial tools, expert advice and educational resources, you can ease uncertainty and feel empowered in your decision-making. Talk to your bank, use free online tools such as Your Financial Wellness or the Moneysmart website, or even reach out to Vinnies WA, which offers financial coaching services. Have a plan: Mental wellbeing can be vastly improved by having a clear plan to move forward and that includes a financial plan. By having a clear, step-by-step plan for budgeting, saving and managing debt, it can create clarity to help lower the emotional toll financial stress can take and even increase confidence. Be flexible: Change is the only constant in life, as the adage goes. So adaptability is key. Whether it’s refinancing, revisiting a budget, or exploring other pathways to homeownership, being open to different ideas and changing course when needed can help maintain peace of mind. Build a supportive community: Seek out guidance from people you trust and who know what they’re talking about, whether it’s a financial adviser, family, a peer network, or a work wellbeing program. These supports can help create stability and reassurance. Set achievable goals: Any long-term goals require thoughtful planning and consistency in approach. A major goal like homeownership is still achievable if you can stay the course and celebrate those small wins along the way. Those small wins add up: Small steps, like building an emergency savings fund, paying off that credit card, and staying on top of home loan rates every year can have a major impact and provide a sense of control. Explore alternative options: It’s not a one-size-fits-all world out there so it’s worth exploring different pathways to homeownership. Other options include co-ownership, buying a smaller property, or rent-vesting. These alternatives can help people navigate the challenging realities of today’s housing market while still moving towards the goal of property ownership. Stick to a routine: We have regular health check-ups, so it makes sense to have regular financial check-ups. Include these in regular wellbeing routines alongside exercise, good sleep, and healthy eating for peace of mind and long-term resilience. It’s important to focus on the things we can control and not get overwhelmed by the things we can’t. Focusing on our financial health is just as important as mental and physical wellbeing when it comes to building confidence and resilience. Everyone is different, and financial wellness will look different for every individual, but the most important thing is that everyone deserves to feel financially secure. By achieving financial wellness, you could have a sense of security and freedom, have the ability to break free from debt and feel equipped to handle the unexpected. Financial wellbeing greatly impacts your mental wellbeing, so it’s important to take it seriously. If you’re struggling, there is support out there. Reach out to your bank, a professional, or even your friends. You’ll soon find you’re not alone. Lifeline: 13 11 14 Angela Newland is retail banking general manager at P&N Bank